WFC breaks below prior session low
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.
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.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
2,017's low at 48.64 is within reach and we might see further downside momentum should the market break out past.
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
|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|
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