Wells Fargo (WFC) Closes Last Hour Up $0.11; Heads Up For the 2nd Day In A Row

The Hourly View for WFC

Last Updated October 9, 2020, 02:07 GMT

At the moment, WFC’s price is up $0.05 (0.2%) from the hour prior. WFC has seen its price go up 4 out of the past 5 hours, thus creating some compelling opportunities for bulls. As for the trend on the hourly timeframe, we see the clearest trend on the 20 hour timeframe. Price action traders may also wish to note that we see a pin bar candlestick pattern on WFC. Given that we see an uptrend on the 20 and 10 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting. The moving averages on the hourly timeframe suggest a choppiness in price, as the are all in a mixed alignment — meaning the trend across timeframes is inconsistent, indicating a potential opportunity for rangebound traders.

Wells Fargo & Company Daily Price Recap

Wells Fargo & Company came into today up 1.98% ($0.49) from the open of yesterday, marking the 2nd day in a row it has gone up. This move happened on lower volume, as yesterday’s volume was down 24.59% from the day before — and down 32% from the same day the week before. The daily price chart of Wells Fargo & Company below illustrates.

WFC

Wells Fargo & Company Technical Analysis

Notably, Wells Fargo & Company is now close to its 100 day averages, located at 25.48 respectively, and thus may be at a key juncture along those timeframes. The clearest trend exists on the 14 day timeframe, which shows price moving up over that time. Or to view things another way, note that out of the past 14 days Wells Fargo & Company’s price has gone up 9 them.

Overheard Around the Web

Here’s what one trader on StockTwits recently had to say in regards to WFC:

    $WFC you have to be crazy or have balls of steel to hold this heading into earnings during a pandemic with 0 government stimulus and 0 help left.

    the people have no money left. the bank have no cash flow and things are worse off now than last quarter. idk how you can justify holding this.

    on a technical note, 25.XX price point has been the rejection point for the past 3 or so months.

    DatReturn