Wells Fargo Does it Again: Heads Down for the 3rd Straight Day

The Hourly View for Wells Fargo

  • At the time of this writing, WFC’s price is down $0 (-0.01%) from the hour prior.
  • It’s been a feast for bears operating on an hourly timeframe, as Wells Fargo has now gone down 5 of the past 5 hours.
  • As for the trend on the hourly timeframe, we see the clearest trend on the 50 hour timeframe.
  • Price action traders may also wish to note that we see a pin bar candlestick pattern on Wells Fargo. Given that we see downtrend on the 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 20, 50, 100 and 200 are all in a mixed alignment — meaning the trend across timeframes is inconsistent, indicating a potential opportunity for rangebound traders.

Wells Fargo’s hourly price chart is shown below.

WFC

The Daily View for Wells Fargo

  • Currently, WFC’s price is down $-0.54 (-1.18%) from the day prior.
  • This is the 3rd day in a row Wells Fargo has seen its price head down.
  • As for the trend on the daily timeframe, we see the clearest trend on the 100 day timeframe.
  • Of note is that the 20 day changed directions on WFC; it is now pointing down. The moving averages on the daily timeframe suggest a bullishness in price, as the 20, 50, 100 and 200 are all in a bullish alignment — meaning the shorter durations are above the longer duration averages, implying a sound upward trend.

Below is a daily price chart of Wells Fargo.

WFC

Featured Wells Fargo Idea From TradingView

Below is a trading comment entitled Wells Fargo also looking to slide. WFC you may find interesting:

And so it begins. We do not believe it to be the big one, but a Wave 4 of the overall cycle. This position is somewhat supported by the indicators (RSI momentum, MACD). Elliott and Fibonacci do the res…

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