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Possible Bearish Inside Day Candle Pattern Detected for Wells Fargo & Co (NYSE:WFC)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Wells Fargo & Co (NYSE:WFC) based on the price action in the company's shares. Today's price range of $47.29 and $47.35 is within yesterday's high and low of the day. This trading action often signifies indecision by bulls and bears to drive prices higher or lower and often implies a possible change in trend. Owners of Wells Fargo & Co may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Wells Fargo & Company is a diversified financial services company providing banking, insurance, investments, mortgage, leasing, credit cards, and consumer finance. The Company operates through physical stores, the internet, and other distribution channels worldwide.

Over the past year, Wells Fargo & Co has traded in a range of $43.02 to $59.53 and is now at $47.29, 10% above that low. In the last five trading sessions, the 50-day moving average (MA) has fallen 0.2% while the 200-day MA has slid 0.2%.

Wells Fargo & Co (NYSE:WFC) has potential upside of 29.4% based on a current price of $47.29 and analysts' consensus price target of $61.19. The stock should run into initial resistance at its 50-day moving average (MA) of $49.13 and subsequent resistance at its 200-day MA of $52.28.

SmarTrend is tracking the current trend status for Wells Fargo & Co and will alert subscribers who have WFC in their portfolio or watchlist when shares have changed trend direction.

Keywords: bearish inside day candle wells fargo & co

Ticker(s): WFC