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Uptrend SupportArchive
- 4/26/2024 -
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Wells Fargo (WFC) Technical Analysis
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| Summary:
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| | It was the negative week for the Wells Fargo (WFC). During the week, the WFC gave back -0.44 points, or -0.73%, and closed at 59.91 on Friday, April 26, 2024. Weekly volume was 21% 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 (33.42) is broken. Usually a broken resistance is considered to be a long-term bullish signal, but since daily indicators are overbought a short-term pull back is possible. WFC may retest the broken resistance line. It is considered to be a support line now. 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 61.76 on April 23, 2024. WFC gained -23.37 points, or -60.88%, in 28 weeks. The chart has formed a Broadening Ascending Wedge chart pattern. The trend support level is at 53.83 and resistance is at 68.77. 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 Williams' Percentage Range and Lane's Stochastic are overbought. Use the Technical Stock Screener to see the list of stocks with overbought weekly Williams' Percentage Range and Lane's Stochastic. During the last week, weekly Lane's Stochastic main line (%K) has declined below the overbought signal line (%D). Such crossover is considered a bearish signal. Weekly MACD has bearish divergence. Use the following links to access the MACD help, or use the Technical Stock Screener to see the list of stocks with weekly MACD bearish divergence. The divergence between price and indicator is considering one of the most important buy/sell stocks trading signal. 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 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 61.76 on April 23, 2024. WFC gained -15.64 points, or -33.91%, in 96 days. The chart has formed a Broadening Ascending Wedge chart pattern. The trend support level is at 56.83 and resistance is at 65.92. 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 Lane's Stochastic is overbought. Use the Technical Stock Screener to see the list of stocks with overbought daily Lane's Stochastic.
The daily MACD line is above its signal line since April 18, 2024. This is an indication that the short-term trend is up.
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