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Wells Fargo & Co.: Murrey analysis

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Wells Fargo & Co.: Murrey analysis
Scenario
TimeframeWeekly
RecommendationBUY STOP
Entry Point73.35
Take Profit75.00, 78.12, 81.25
Stop Loss71.85
Key Levels59.38, 62.50, 65.62, 75.00, 78.12, 81.25
Alternative scenario
RecommendationSELL STOP
Entry Point65.60
Take Profit62.50, 59.38
Stop Loss67.90
Key Levels59.38, 62.50, 65.62, 75.00, 78.12, 81.25

Current trend

The shares of Wells Fargo & Co., one of the leading banking and insurance companies in the United States, have resumed active growth since mid-September: during this time, the price has turned from 53.12 (Murrey level [1/8]), moved into the positive part of the Murrey trading range and is currently trying to consolidate above 71.88 (Murrey level [7/8]) to continue the upward trend towards the targets of 75.00 (Murrey level [8/8]), 78.12 (Murrey level [ 1/8]) and 81.25 (Murrey level [ 2/8]). The key for the "bears" is seen at 65.62 (Murrey level [5/8]), supported by the central line of Bollinger Bands, the breakdown of which will ensure the resumption of the decline within the central Murrey channel to 62.50 (Murrey level [4/8]) and 59.38 (Murrey level [3/8]), but such a scenario is less likely.

Technical indicators confirm the continuation of the uptrend: Bollinger Bands and Stochastic are pointing downwards, MACD is growing in the positive zone.

Support and resistance

Resistance levels: 75.00, 78.12, 81.25.

Support levels: 65.62, 62.50, 59.38.

Wells Fargo & Co.: Murrey analysis

Trading tips

Long positions can be opened from the 73.30 mark with targets of 75.00, 78.12, 81.25 and a stop-loss around 71.85. Implementation period: 5–7 days.

Short positions should be opened below the level of 65.62 with targets of 62.50, 59.38 and a stop-loss around 67.90.


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