Wells Fargo & Company Stock Forecast

Red day on Thursday for Wells Fargo & Company
(Updated on May 16, 2024)

NWT.F Signals & Forecast

There are mixed signals in the stock today. A sell signal was issued from a pivot top point on Tuesday, April 23, 2024, and so far it has fallen -0.82%. Further fall is indicated until a new bottom pivot has been found. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD). Wells Fargo & Company gained volume on the last day, but on falling prices. In technical terms, this is called divergence and may be an early warning. In some cases, increasing volume on falling prices may be considered positive, but that is mainly in typical "sell-offs". The very low volume increases the risk and reduces the other technical signals issued. The Wells Fargo & Company stock holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock. Also, there is a general buy signal from the relation between the two signals where the short-term average is above the long-term average. On corrections down, there will be some support from the lines at 57.01€ and 54.99€. A breakdown below any of these levels will issue sell signals.

Support, Risk & Stop-loss for Wells Fargo & Company stock

On the downside, the stock finds support just below today's level from accumulated volume at 53.07€ and 52.94€. There is a natural risk involved when a stock is testing a support level, since if this is broken, the stock then may fall to the next support level. In this case, Wells Fargo & Company finds support just below today's level at 53.07€. If this is broken, then the next support from accumulated volume will be at 52.94€ and 49.61€.

In general the stock tends to have very controlled movements and with good liquidity the risk is considered very low in this stock. During the last day, the stock moved 0.86€ between high and low, or 1.52%. For the last week the stock has had daily average volatility of 1.01%.

Our recommended stop-loss: 55.56€ (-2.77%) (This stock has low daily movements and this gives low risk. There is a sell signal from a pivot top found 16 days ago.)

Trading Expectations (NWT.F) For The Upcoming Trading Day Of Friday 17th

For the upcoming trading day on Friday, 17th we expect Wells Fargo & Company to open at 57.05€, and during the day (based on 14 day Average True Range), to move between 56.43€ and 57.85€, which gives a possible trading interval of +/-0.712€ (+/-1.25%) up or down from last closing price. If Wells Fargo & Company takes out the full calculated possible swing range there will be an estimated 2.49% move between the lowest and the highest trading price during the day.

Since the stock is closer to the resistance from accumulated volume at 57.22€ (0.14%) than the support at 53.07€ (7.12%), our systems don't find the trading risk/reward intra-day attractive and any bets should be held until the stock is closer to the support level.

Is Wells Fargo & Company stock A Buy?

Several short-term signals, along with a general good trend, are positive and we conclude that the current level may hold a buying opportunity as there is a fair chance for Wells Fargo & Company stock to perform well in the short-term.

Current score: 2.701 Buy Candidate Unchanged

Predicted Opening Price for Wells Fargo & Company of Friday, May 17, 2024

The predicted opening price is based on yesterday's movements between high, low, and closing price.