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

By Nick Russo

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 $53.99 and $54.17 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.

Wells Fargo has overhead space with shares priced $54.03, or 8.0% below the average consensus analyst price target of $58.74. Wells Fargo shares have support at the 200-day moving average (MA) of $52.06 and additional support at the 50-day MA of $49.18.

Over the past year, Wells Fargo has traded in a range of $43.55 to $59.99 and is now at $54.03, 24% above that low. The 200-day and 50-day moving averages have moved 0.32% lower and 0.22% higher over the past week, respectively.

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