Shares of Wells Fargo & Co WFC are down on Tuesday, although the company reported stronger-than-expected earnings for its first quarter before the bell.
Related Link: Wells Fargo Q1 Profit Beats Estimates
Tech expert Serge Berger commented on the results.
“Wells Fargo stock too has been struggling on the upside since year-end 2014," he said, "but has managed to string together a series of higher lows."
The stock is nearly flat year to date.
Shares "likely needs to overcome the $55 area, Berger said, "with conviction if it wants to break past the $56 area line of resistance and into the high $50s." Wells Fargo is trading just below $54 a share on Tuesday afternoon.
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