Wells Fargo (WFC) Closes Last Hour Down $-0.16; Heads Down For the 2nd Day In A Row, Price Base in Formation Over Past 30 Days, Crosses 20 and 50 Day Moving Averages

The Hourly View for WFC

Last Updated October 15, 2020, 02:017 GMT

At the time of this writing, WFC’s price is down $-0.68 (-2.77%) from the hour prior. WFC has seen its price go down 9 out of the past 10 hours, thus creating some compelling opportunities for bears. As for the trend on the hourly timeframe, we see the clearest trend on the 20 hour timeframe. 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 down 6.02% ($1.49) from the open of yesterday, marking the 2nd day in a row it has gone down. The price move occurred on stronger volume; specifically, yesterday’s volume was up 150.84% from the day prior, and up 231.74% from the same day the week before. Below is a daily price chart of Wells Fargo & Company.


Wells Fargo & Company Technical Analysis

Moving average crossovers are always interesting, so let’s start there: Wells Fargo & Company crossed below its 20 and 50 day moving averages yesterday. Price action traders in particular will want to note that the 30 day period appears to show price forming a base; this could indicate that a support/resistance level is developing. For additional context, note that price has gone up 18 out of the past 30 days.

Overheard Around the Web

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

    $WFC theres still a few banks left to report earnings. for the rest of the week its going to bounce around between 23 and 24. then next week it should slowly climb back up to 25.5 then get rejected yet again and head back to 23 and repeat the cycle. 22.5 is strong support and 26 is strong resistance. trade within this channel and youll be fine