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

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Wells Fargo & Co (NYSE:WFC) based on the price action in the company's shares. Yesterday's price range of $52.84 and $53.05 is within the prior day'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 & Co 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 & 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 worldwide.

Wells Fargo & Co has overhead space with shares priced $52.76, or 13.8% below the average consensus analyst price target of $61.19. The stock should find resistance at its 50-day moving average (MA) of $53.51, as well as support at its 200-day MA of $48.85.

Wells Fargo & Co share prices have moved between a 52-week high of $54.75 and a 52-week low of $43.34 and closed yesterday at 22% above that low price at $52.76 per share. Over the past week, the 200-day moving average (MA) has remained constant while the 50-day MA has advanced 0.3%.

SmarTrend recommended that subscribers consider buying shares of Wells Fargo & Co on October 15th, 2019 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $50.02. Since that recommendation, shares of Wells Fargo & Co have risen 6.2%. We continue to monitor WFC for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bullish am inside day candle wells fargo & co

Ticker(s): WFC