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Wells Fargo Falls 1.40% on Heavy Volume: Watch For Potential Rebound

By James Quinn

Wells Fargo (NYSE:WFC) traded in a range yesterday that spanned from a low of $57.80 to a high of $58.47. Yesterday, the shares fell 1.4%, which took the trading range below the 3-day low of $58.36 on volume of 7.9 million shares. Often times after large one-day declines, short-term traders may play for some degree of mean reversion.

SmarTrend recommended that subscribers consider buying shares of Wells Fargo on October 10th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $45.68. Since that recommendation, shares of Wells Fargo have risen 28.4%. We continue to monitor WFC for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

In the past 52 weeks, shares of Wells Fargo have traded between a low of $43.55 and a high of $59.99 and are now at $57.95, which is 33% 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%.

Keywords: rebounders wells fargo

Ticker(s): WFC