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Possible Bullish Inside Day Candle Pattern Detected for Wells Fargo (NYSE:WFC)

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Wells Fargo (NYSE:WFC) based on the price action in the company's shares. Today's price range of $46.11 and $46.28 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. Traders and investors interested in shares of Wells Fargo may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

In the past 52 weeks, Wells Fargo share prices have been bracketed by a low of $43.55 and a high of $58.76 and are now at $46.17, 6% above that low price. Over the past week, the 200-day moving average (MA) has gone down 0.3% while the 50-day MA has advanced 0.2%.

Potential upside of 27.6% exists for Wells Fargo, based on a current level of $46.17 and analysts' average consensus price target of $58.91. The stock should find initial resistance at its 50-day moving average (MA) of $49.18 and further resistance at its 200-day MA of $52.06.

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 across North America and elsewhere internationally.

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

Keywords: bullish inside day candle wells fargo

Ticker(s): WFC