Charlie Scharf, previously the CEO of BNY Mellon, will effective start as the CEO of Wells Fargo $WFC on October 21, 2019. The news became official last week, and the market liked it.WFC Daily Chart(click to enlarge)Consolidation - Accumulation?- WFC has been trading sideways since coming down to $43.40 area at the end of 2018. - The high in 2019 was $52.50 and I think WFC is going to challenge this resistance pivot now that the market has some excitement about WFC's new CEO.- There was good volume on last Friday's (9/27) surge.- The $52.50 resistance will be key. A break above would show that the year-long consolidation was a period of accumulation - price bottom.- Looking at the weekly chart, we can see that if price breaks above $52.50, price would be back above the 200-week simple moving average (SMA). - This should open up the $59-$60 area, the next common resistance area. WFC Weekly Chart(click to enlarge)