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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 $48.37 and $48.67 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.

In the past 52 weeks, shares of Wells Fargo & Co have traded between a low of $43.34 and a high of $54.75 and closed yesterday at $49.28, which is 14% above that low price. In the last five trading sessions, the 50-day moving average (MA) has fallen 0.4% while the 200-day MA has remained constant.

Wells Fargo & Co has overhead space with shares priced $49.28, or 19.5% below the average consensus analyst price target of $61.19. The stock should find resistance at its 50-day moving average (MA) of $53.36, as well as support at its 200-day MA of $48.93.

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

Keywords: bullish am inside day candle wells fargo & co

Ticker(s): WFC