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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 $47.11 and $47.54 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 $47.50, or 19.4% below the average consensus analyst 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.

Over the past year, Wells Fargo has traded in a range of $44.50 to $58.76 and is now at $47.50, 7% above that low. Over the past week, the 200-day moving average (MA) has gone down 0.3% while the 50-day MA has advanced 0.2%.

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 monitoring the recent change of momentum in Wells Fargo. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of Wells Fargo in search of a potential trend change.

Keywords: bullish inside day candle wells fargo

Ticker(s): WFC