1 Wells Fargo Chart This Technical Expert Is Watching

Shares of Wells Fargo & Co (NYSE: 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.