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Archive
- 4/19/2024 -
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Wells Fargo (WFC) Technical Analysis
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| Summary:
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| | It was a first positive week for the Wells Fargo (WFC). During the week, the WFC gained 3.88 points, or 6.87%, and closed at 60.35 on Friday, April 19, 2024. It was the best weekly gain since December 15, 2023. Weekly volume was 42% above average.
WFC is a member of Financials Sector. Financials is the most overbought sector. Sector/industry rotation is considered a proven strategy to beat the market. Use the following links to find overbought/oversold technical indicators by Sector or by Industry.
 Long-term trend: [See WFC long-term trend chart]
A long-term downtrend had started on February 10, 2022 at 60.30 and reached 35.25 on March 24, 2023. WFC lost 25.05 points, or 41.54%, in 58 weeks. The chart has formed a Falling Wedge chart pattern. The downtrend resistance line (33.45) is broken. A broken support is considered to be a long-term bullish signal. Use the following links to access Trend Support/Resistance Help, or use the Technical Stock Screener to see the list of stocks with broken trend resistance line in a long-term trend.
 Medium-term trend: [See WFC medium-term trend chart]
A medium-term uptrend had started on October 4, 2023 at 38.39 and reached 60.85 on April 19, 2024. WFC gained -22.46 points, or -58.50%, in 28 weeks. The chart has formed a Broadening Ascending Wedge chart pattern. The trend support level is at 53.25 and resistance is at 67.77. A Broadening Ascending Wedge pattern is considered to be a reversal formation. It usually appears in a mature trend, characterized by overbought/oversold long-term and short-term indicators, and often generates divergence on long-term indicators. Use the following link to access a Broadening Ascending Wedge chart pattern help, or use a Technical Stock Screener to see the list of stocks with Broadening Ascending Wedge pattern in a medium-term trend.
 Weekly Technical Indicators: [See WFC weekly technical indicators chart]
Weekly Relative Strength Index, Williams' Percentage Range and Lane's Stochastic are overbought. Use the Technical Stock Screener to see the list of stocks with overbought weekly Relative Strength Index, Williams' Percentage Range and Lane's Stochastic. Oscillators are designed to signal a possible trend reversal. They can act as alerts and should be taken in conjunction with other technical analysis tools. Oscillators can be used to confirm other technical signals. Use the following links to access Lane's Stochastic, Relative Strength Index and Williams' Percentage Range help.
The weekly MACD line is above its signal line since November 17, 2023. This is an indication that the medium-term trend is up. Use the following link to access a MACD help.
Short-term trend: [See WFC short-term trend chart]
A short-term uptrend had started on January 18, 2024 at 46.12 and reached 60.85 on April 19, 2024. WFC gained -14.73 points, or -31.94%, in 92 days. The chart has formed a Broadening Ascending Wedge chart pattern. The trend support level is at 56.02 and resistance is at 64.72. Use the following link to access a Broadening Ascending Wedge chart pattern help, or use a Technical Stock Screener to see the list of stocks with Broadening Ascending Wedge pattern in a short-term trend.
 Daily Technical Indicators: [See WFC daily technical indicators chart]
Daily technical indicators are neutral.
During the last week, daily MACD line has moved above its signal line. Such crossover is considered a bullish signal.
During the last week, the price has risen above the Parabolic SAR (stop and reversal). A Parabolic SAR below the price is a bullish signal, and it indicates that momentum is likely to remain in the upward direction. A Parabolic SAR is used as a trailing stop loss for long or short positions. It works best during strong trending periods. Use the following links to access Parabolic SAR Help, or use the Technical Stock Screener to see the list of stocks with the Parabolic SAR close to the price level.
The price has closed on Friday above the upper Bollinger Band. It is considered a bullish signal. The Bollinger Bands are often used with a non-oscillator indicator like chart patterns or a trendline. The signals are considered more reliable if these indicators confirm the recommendation of the Bollinger Bands. Use the following links to access the Bollinger Bands Help, or use the Technical Stock Screener to see the list of stocks with the price above the Upper Bollinger Band or below the Lower Bollinger Band.
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