WFC breaks below prior session low


Wells Fargo (WFC) Technical Analysis Report for Apr 16, 2018 [< 1 min read]
Highlights
WFC closes lower for the 2nd day in a row
WFC breaks below previous session low
WFC falls to lowest close since September 14, 2017
WFC ends the day indecisive
TQ Sentiment
Report Sentiment: 25% Bearish
Technical Forecast:
Overview

Moving lower for the 2nd day in a row, WFC ended Monday at 50.80 edging lower $0.09 (-0.18%) on high volume. Today's closing price of 50.80 marks the lowest close since September 14, 2017. Closing below Friday's low at 50.81, the stock confirms its breakout through the previous session's low having traded $0.50 below it intraday. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.

Daily chart for WFC
Volatility

Monday's trading range was $1.02 (2.02%), that's below last trading month's daily average range of $1.30. Things look different on a weekly scale, where volatility is slightly below the markets average with the monthly volatility being below average.

Trend

The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.

Order Flow

2,017's low at 48.64 is within reach and we might see further downside momentum should the market break out past.

Conclusion

While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being bearish.

Market Conditions for Wells Fargo
ConditionForecastDirectionWinAvgWorstBestEvents
Close to S1 Support TQ Pro Members Only
Bullish Hikkake Pattern TQ Pro Members Only
Close to Swing High TQ Pro Members Only
Close to R1 Resistance TQ Pro Members Only
More market conditions identified for TQ Pro members...
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