Wells Fargo (WFC) Price Near $22.95; Moves Down For the 3rd Consecutive Day, Price Base in Formation Over Past 30 Days

The Hourly View for WFC

Last Updated October 16, 2020, 02:021 GMT

At the moment, WFC’s price is down $-0.39 (-1.7%) from the hour prior. It’s been a feast for bulls operating on an hourly timeframe, as WFC has now gone up 4 of the past 5 hours. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 50 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 is down 1.29% ($0.3) since the day prior, marking the 3rd consecutive day a decrease has occurred. The change in price came along side change in volume that was down 20.7% from previous day, but up 93.02% from the Thursday of last week. The daily price chart of Wells Fargo & Company below illustrates.

WFC

Wells Fargo & Company Technical Analysis

Trend traders will want to observe that the strongest trend appears on the 90 day horizon; over that time period, price has been moving down. Also of note is that on a 30 day basis price appears to be forming a base — which could the stage for it being a support/resistance level going forward. For another vantage point, consider that Wells Fargo & Company’s price has gone up 5 of the previous 10 trading days.

Overheard Around the Web

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

    $WFC Cramer not liking Wells, he wants Charlie to come on the Show, but Charlie's action speak. He reduced the Share Count from 5 Billion to 4 Billion shares. He was trying to get the Asset Cap lifted. The Quarter he reported clearly shows Wells has round the corner, to use a Trump expression. Anyone buys Wells at this price will see tremendous upside, be very happy they did. All banks across the board reported unified Strength. What that means, when the Fed does their Stress Tests on the Banks, all will likely pass again as they did before. When they pass the Fed Stress Test, The Fed will green light buybacks and dividend increases. No doubt, Wells is in position to raise it's dividend. I see 20 cents, who knows, maybe more. This a huge buying opportunity.

    BottomFrenzy