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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 $46.44 and $46.66 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 & Co (NYSE:WFC) has potential upside of 31.7% based on a current price of $46.45 and analysts' consensus price target of $61.19. Wells Fargo & Co shares should first meet resistance at the 50-day moving average (MA) of $46.53 and find additional resistance at the 200-day MA of $49.75.

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.

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 $46.45, 8% above that low price. In the last five trading sessions, the 50-day moving average (MA) has fallen 0.5% while the 200-day MA has slid 0.5%.

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 3.8%. 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