Wells Fargo (WFC) Price Near $25.12; 5 Day Up Streak Broken, Price Base in Formation Over Past 30 Days

The Hourly View for WFC

Last Updated September 17, 2020, 23:12 GMT

Currently, WFC’s price is down $-0.6 (-2.31%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved down. Regarding the trend, note that the strongest trend exists on the 50 hour timeframe. The moving averages on the hourly timeframe suggest a bearishness in price, as the 20, 50 and 100 are all in a bearish alignment — meaning the shorter duration moving averages are below the longer duration averages, implying a stable downward trend.

Wells Fargo & Company Daily Price Recap

Wells Fargo & Company is down 2.33% ($0.6) since the previous day, marking a reversal from the day prior — and the end of a 5 day positive run. The change in price came along side change in volume that was down 4.02% from previous day, but up 1.41% from the Wednesday of last week. Here is a daily price chart of Wells Fargo & Company.

WFC

Wells Fargo & Company Technical Analysis

Coming into today Wells Fargo & Company is now close to its 50 day moving averages, which may act as price barrier for the asset. 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. Or to view things another way, note that out of the past 10 days Wells Fargo & Company’s price has gone up 6 them.

Overheard Around the Web

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

    $WFC $C I don't hear people talking about this, but all the banks built up some huge reserves in H1 while trying to prepare for the worst they were worried about. Economy is doing better than expected. There simply aren't that many defaults. This means big banks might not need to build any more reserves in H2. So not only do they have a ton of money set aside but they should also have pretty good earnings per share on their Q3 earnings. All that money will go towards buybacks and increased dividends as soon as our government allows it. I expect a good run up in bank stocks around Q3 earnings reports. https://seekingalpha.com/news/3613858-odeon-upgrades-six-banks-bove-sees-loan-loss-fears-overblown https://seekingalpha.com/news/3614276-credit-card-metrics-continue-to-improve-though-forbearance-still-factor

    MrD1