Wells Fargo Trend May Be Changing as Price Just Breached Below Its 20 Day Moving Average

The Hourly View for Wells Fargo

  • Currently, WFC’s price is down $-0.02 (-0.04%) from the hour prior.
  • This is the 2nd hour in a row Wells Fargo has seen its price head down.
  • If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 20 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 an uptrend on the 20 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 bearishness in price, as the 20, 50, 100 and 200 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’s hourly price chart is shown below.

WFC

The Daily View for Wells Fargo

  • At the moment, WFC’s price is up $0.47 (0.94%) from the day prior.
  • This move is a reversal from the day prior, which saw price move down.
  • Regarding the trend, note that the strongest trend exists on the 100 day timeframe.
  • Regarding moving averages, it should first be noted that price has crossed the 20 day moving average, resulting in them so that price is now turning above it. 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.
  • Divergence between WFC’s price and its RSI may be manifesting. As such, be on the lookout for trend reversal in WFC’s price.

Below is a daily price chart of Wells Fargo.

WFC