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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 $46.98 and $47.53 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.

Over the past year, Wells Fargo has traded in a range of $44.50 to $58.76 and is now at $47.44, 7% above that low. In the last five trading sessions, the 50-day moving average (MA) has climbed 0.2% while the 200-day MA has slid 0.3%.

Potential upside of 24.2% exists for Wells Fargo, based on a current level of $47.44 and analysts' average consensus price target of $58.91. The stock should run into initial resistance at its 50-day moving average (MA) of $49.18 and subsequent 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 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