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

By David Diaz

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 $45.86 and $45.86 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.

Potential upside of 33.4% exists for Wells Fargo & Co, based on a current level of $45.86 and analysts' average consensus price target of $61.19. The stock should find initial resistance at its 50-day moving average (MA) of $47.14 and further resistance at its 200-day MA of $50.41.

In the past 52 weeks, Wells Fargo & Co share prices have been bracketed by a low of $43.02 and a high of $59.53 and are now at $45.86, 7% above that low price. Over the past week, the 200-day moving average (MA) has gone down 0.5% while the 50-day MA has declined 0.6%.

SmarTrend recommended that its subscribers protect gains by selling shares of Wells Fargo & Co on March 22nd, 2019 by issuing a Downtrend alert when the shares were trading at $48.74. Since that call, shares of Wells Fargo & Co have fallen 5.8%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bearish inside day candle wells fargo & co

Ticker(s): WFC