Expected to report an EPS of $1.07 on revenue of $20.18bn

Wells Fargo’s stock is currently trading at around $56.48 a share. Based on the daily chart, we can see that the supportive trendline dating back to October of last year is still intact, but the price is now trading within a sideways channel drawn on the chart. It is very possible that it will remain within this channel until the earnings call as that will be the catalyst for near term price movement. Support within the channel reads $56.10, a break below could lead to a fall toward $53.96 and maybe even as low as the trendline support ($52.80). The resistance within the channel reads $58.13 followed by the upper trendline of $58.86. A close above $58.86 may spark the momentum for an extension towards $60 a share. Looking at the indicators, they are faltering which can happen right before a company’s earnings is due. The MACD is negative but the RSI is in a neutral stance as it reads 52.