WELLS FARGO & CO.: TECHNICAL ANALYSIS
| Scenario | |
|---|---|
| Timeframe | Weekly |
| Recommendation | BUY STOP |
| Entry Point | 60.00 |
| Take Profit | 62.50 |
| Stop Loss | 59.00 |
| Key Levels | 52.80, 57.00, 58.00, 59.00, 60.00, 62.50, 63.00 |
| Alternative scenario | |
|---|---|
| Recommendation | SELL STOP |
| Entry Point | 57.00 |
| Take Profit | 52.80 |
| Stop Loss | 60.00 |
| Key Levels | 52.80, 57.00, 58.00, 59.00, 60.00, 62.50, 63.00 |
The shares of Wells Fargo & Co., one of the leading banking and insurance companies in the United States, are trading at 59.00.
On the daily chart, the price is moving in a corrective trend, holding within the ascending channel of 63.00–58.00.
On the four-hour chart, after reaching the support line of the 57.00 range, the quotes reversed and began to rise to the resistance level of 63.00. Now, the asset is testing the high of March 15 at 58.00, and after consolidation above, the upward movement will continue.
Technical indicators are slowing down the sell signal: the fast EMA of the Alligator indicator is below the signal line, narrowing the fluctuation range, and the AO histogram is forming ascending bars below the transition level.
Trading tips
Long positions may be opened after the price rises and consolidates above 60.00, with the target at 62.50. Stop loss is 59.00. Implementation period: 7 days or more.
Short positions may be opened after the price falls and consolidates below 57.00, with the target at 52.80. Stop loss is 60.00.
Disclaimer: The content above represents only the views of the author or guest. It does not represent any views or positions of FOLLOWME and does not mean that FOLLOWME agrees with its statement or description, nor does it constitute any investment advice. For all actions taken by visitors based on information provided by the FOLLOWME community, the community does not assume any form of liability unless otherwise expressly promised in writing.
FOLLOWME Trading Community Website: https://www.followme.com
Hot
No comment on record. Start new comment.