Wells Fargo & Co.: technical analysis
Scenario Timeframe Weekly Recommendation BUY STOP Entry Point 58.70 Take Profit 62.50 Stop Loss 57.00 Key Levels 49.00, 51.30, 56.40, 57.00, 58.00, 59.00, 62.50, 63.00
Alternative scenario Recommendation SELL STOP Entry Point 56.40 Take Profit 51.30 Stop Loss 58.00 Key Levels 49.00, 51.30, 56.40, 57.00, 58.00, 59.00, 62.50, 63.00
Wells Fargo & Co., one of the leading banking and insurance companies in the United States, is trading at 58.00.
On the daily chart, the price is moving in a correction trend, forming a wave inside the downward channel of 59.00–49.00.
On the four-hour chart, the probability of continued growth remains high, as the quotes stay near the previous trend’s high of 58.80. After a breakout, they may leave the channel and reach the year’s high of 63.00.
Technical indicators strengthen the buy signal: the fast EMA of the Alligator indicator is above the signal line, expanding the range of fluctuations, and the AO histogram forms correction bars above the transition level.
Trading tips
Long positions may be opened after the price grows and consolidates above 58.70, with the target at 62.50. Stop loss is 57.00. Implementation period: 7 days or more.
Short positions may be opened after the price declines and consolidates below 56.40, with the target at 51.30. Stop loss — 58.00.
| Scenario | |
|---|---|
| Timeframe | Weekly |
| Recommendation | BUY STOP |
| Entry Point | 58.70 |
| Take Profit | 62.50 |
| Stop Loss | 57.00 |
| Key Levels | 49.00, 51.30, 56.40, 57.00, 58.00, 59.00, 62.50, 63.00 |
| Alternative scenario | |
|---|---|
| Recommendation | SELL STOP |
| Entry Point | 56.40 |
| Take Profit | 51.30 |
| Stop Loss | 58.00 |
| Key Levels | 49.00, 51.30, 56.40, 57.00, 58.00, 59.00, 62.50, 63.00 |
Wells Fargo & Co., one of the leading banking and insurance companies in the United States, is trading at 58.00.
On the daily chart, the price is moving in a correction trend, forming a wave inside the downward channel of 59.00–49.00.
On the four-hour chart, the probability of continued growth remains high, as the quotes stay near the previous trend’s high of 58.80. After a breakout, they may leave the channel and reach the year’s high of 63.00.
Technical indicators strengthen the buy signal: the fast EMA of the Alligator indicator is above the signal line, expanding the range of fluctuations, and the AO histogram forms correction bars above the transition level.
Trading tips
Long positions may be opened after the price grows and consolidates above 58.70, with the target at 62.50. Stop loss is 57.00. Implementation period: 7 days or more.
Short positions may be opened after the price declines and consolidates below 56.40, with the target at 51.30. Stop loss — 58.00.
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