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Watch for Wells Fargo & Co to Potentially Rebound After Falling 1.90% Yesterday

By Shiri Gupta

Wells Fargo & Co (NYSE:WFC) traded in a range yesterday that spanned from a low of $49.97 to a high of $50.67. Yesterday, the shares fell 1.9%, which took the trading range below the 3-day low of $50.87 on volume of 11.7 million shares. Often times after large one-day declines, short-term traders may play for some degree of mean reversion.

In the past 52 weeks, Wells Fargo & Co share prices have been bracketed by a low of $43.55 and a high of $59.99 and are now at $50.05, 15% 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%.

SmarTrend recommended that its subscribers protect gains by selling shares of Wells Fargo & Co on August 4th, 2017 by issuing a Downtrend alert when the shares were trading at $52.81. Since that call, shares of Wells Fargo & Co have fallen 3.5%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: rebounders wells fargo & co

Ticker(s): WFC