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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. Yesterday's price range of $46.27 and $46.66 is within the prior day'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.

In the past 52 weeks, shares of Wells Fargo & Co have traded between a low of $43.02 and a high of $59.53 and closed yesterday at $46.27, which is 8% above that low price. Over the last five market days, the 200-day moving average (MA) has gone down 0.5% while the 50-day MA has declined 0.5%.

There is potential upside of 32.2% for shares of Wells Fargo & Co based on a current price of $46.27 and an average consensus analyst price target of $61.19. The stock should run into initial resistance at its 50-day moving average (MA) of $46.53 and subsequent resistance at its 200-day MA of $49.75.

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 am inside day candle wells fargo & co

Ticker(s): WFC