How much would Wells Fargo need to pay off TARP like Bank of America?

The brokerage stated, "In our opinion, we believe that Wells would not need to raise the full $34 billion to repay TARP ... However, we would expect that a common equity raise of $10 to $15 billion ... would be necessary to achieve at least a 6.5% to 7.0% level."

Technically, the stock faces rather staunch overhead resistance in the form of its 50-month moving average. WFC has not finished atop this trendline since 2008, and it isn't looking good for a breach of this resistance before year's end. Yes, the stock has traded above this trendline in each of the past four months. Unfortunately for WFC, the shares have not managed to remain north of this resistance before a month's end.

Along with the 50-month trendline, the $32 level looms overhead as well, ready to push the stock back if necessary. In fact, this level capped a rally in October and acted as support in the past. The fact that $32 was support in the past is important, as prior levels of support could be strengthened in their role as resistance.