Wells Fargo Shrugs Off Gugenheim Securities Downgrade

Wells Fargo Inc.

shares are trading higher by $0.45 at $47.86 in Wednesday's session. The issue is trading firmly in the green, even though it was downgraded before the open by Guggenheim Securities from Buy to Neutral. After a lower open, it declined another $0.17 before finding support at $47.22 and staging a rebound. The ensuing rally is pausing in the area of Tuesday's high ($48.09, so far reaching $48.13. Based on the daily charts, the next identifiable area of resistance does not come in until the pair of highs from last Friday ($48.58) and Monday ($48.67).