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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 $49.81 and $50.28 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.

Wells Fargo & Co has overhead space with shares priced $50.05, or 18.2% below the average consensus analyst price target of $61.19. The stock should discover initial support at its 200-day moving average (MA) of $47.72 and subsequent support at its 50-day MA of $47.42.

In the past 52 weeks, shares of Wells Fargo & Co have traded between a low of $43.02 and a high of $55.04 and are now at $50.05, which is 16% above that low price. In the last five trading sessions, the 50-day moving average (MA) has climbed 0.4% while the 200-day MA has remained constant.

SmarTrend is monitoring the recent change of momentum in Wells Fargo & Co. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of Wells Fargo & Co in search of a potential trend change.

Keywords: bearish inside day candle wells fargo & co

Ticker(s): WFC