WFC breaks below previous session low
Moving lower for the 4th day in a row, WFC ended the week -0.95% lower at 55.36 after losing $0.67 (-1.2%) today on high volume. Today's closing price of 55.36 marks the lowest close since July 5th. Trading up to $1.11 lower after the open, the share managed to reverse during the session as bulls took control ending the day above its opening price. Closing below Thursday's low at 55.60, the market confirms its breakout through the prior session's low having traded $1.97 below it intraday. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.
Friday's trading range was $2.16 (3.95%), that's far above last trading month's daily average range of $1.06. Weekly volatility is also higher, being way above the markets average with the monthly volatility being slightly above average.
After trading as low as 53.63 during the day, Wells Fargo bounced off the key support level at 54.38. The failure to close below the support might increase that levels importance as support going forward. Prices are trading close to the key resistance level at 55.99. After trading as low as 53.63 during the day, the stock found support at the 100-day moving average at 54.50.
Though still in a long-term downtrend, the short and medium-term trends both turned bullish already.
While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being bullish.
Market Conditions for Wells Fargo
|Bearish Bounce off SMA 200||TQ Pro Members Only|
|Close to S1 Support||TQ Pro Members Only|
|Close to Swing High||TQ Pro Members Only|
|Close to R1 Resistance||TQ Pro Members Only|
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