Wells Fargo Stock Forecast
Wells Fargo stock upgraded to Buy Candidate.
(Updated on Jun 17, 2024)
The Wells Fargo stock price gained 1.46% on the last trading day (Monday, 17th Jun 2024), rising from $57.40 to $58.24. During the last trading day the stock fluctuated 2.06% from a day low at $57.07 to a day high of $58.25. The price has fallen in 6 of the last 10 days and is down by -1.85% for this period. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 2 million more shares were traded than the day before. In total, 18 million shares were bought and sold for approximately $1.02 billion.
The stock lies in the lower part of a wide and weak rising trend in the short term, and this may normally pose a very good buying opportunity. If the lower trend floor at $57.27 is broken, it will firstly indicate a slower rate of rising, but may also be an early warning for a trend shift. Given the current short-term trend, the stock is expected to rise 3.58% during the next 3 months and, with a 90% probability hold a price between $59.32 and $65.36 at the end of this 3-month period.
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WFC Signals & Forecast
A buy signal was issued from a pivot bottom point on Tuesday, June 11, 2024, and so far it has risen 1.94%. Further rise is indicated until a new top pivot has been found. Volume is rising along with the price. This is considered to be a good technical signal. Some negative signals were issued as well, and these may have some influence on the near short-term development. The Wells Fargo stock holds a buy signal from the short-term Moving Average; at the same time, however, the long-term average holds a general sell signal. Since the longterm average is above the short-term average there is a general sell signal in the stock giving a more negative forecast for the stock. On further gains, the stock will meet resistance from the long-term Moving Average at $59.69. On a fall, the stock will find some support from the short-term average at $57.66. A break-up through the long-term average will give another buy signal, while a fall below the short-term average will add another sell signal and strengthen the general signal. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD).
Support, Risk & Stop-loss for Wells Fargo stock
Wells Fargo finds support from accumulated volume at $57.61 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
This stock is usually traded at a good volume, and with minor daily changes, the risk is considered to be low. During the last day, the stock moved $1.18 (2.06%) between high and low. For the last week, the stock has had daily average volatility of 1.98%.
Our recommended stop-loss: $54.69 (-6.10%) (This stock has low daily movements and this gives low risk. There is a buy signal from a pivot bottom found 22 days ago.)
Trading Expectations (WFC) For The Upcoming Trading Day Of Tuesday 18th
For the upcoming trading day on Tuesday, 18th we expect Wells Fargo & Company to open at $57.85, and during the day (based on 14 day Average True Range), to move between $57.14 and $59.34, which gives a possible trading interval of +/-$1.10 (+/-1.88%) up or down from last closing price. If Wells Fargo & Company takes out the full calculated possible swing range there will be an estimated 3.77% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $58.74 (0.86%) than the support at $57.61 (1.08%), 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 stock to perform well in the short-term. We have upgraded our analysis conclusion for this stock since the last evaluation from a Hold/Accumulate to a Buy candidate.
Current score: 2.813 Buy Candidate Upgraded
Predicted Opening Price for Wells Fargo & Company of Tuesday, June 18, 2024
| Fair opening price June 18, 2024 | Current price |
|---|---|
| $57.85 ( 0.667%) | $58.24 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for WFC
Fibonacci Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 59.03 | 1.35% |
| R2 | 58.58 | 0.580% |
| R1 | 58.30 | 0.104% |
| Price | 58.24 | |
| S1 | 57.40 | -1.44% |
| S2 | 57.13 | -1.91% |
| S3 | 56.68 | -2.68% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 61.89 | 6.27% |
| R2 | 60.35 | 3.62% |
| R1 | 58.74 | 0.86% |
| Price | 58.24 | |
| S1 | 57.61 | -1.08% |
| S2 | 57.30 | -1.61% |
| S3 | 57.13 | -1.91% |
WFC Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | May 09, 2024 | May 09, 2024 | Jun 01, 2024 | $0.350 | 0.584% |
| 2 | Jan 23, 2024 | Feb 01, 2024 | Mar 01, 2024 | $0.350 | 0.636% |
| 3 | Oct 24, 2023 | Nov 02, 2023 | Dec 01, 2023 | $0.350 | 0.777% |
| 4 | Jul 25, 2023 | Aug 03, 2023 | Sep 01, 2023 | $0.350 | 0.84% |
| 5 | Apr 25, 2023 | May 04, 2023 | Sep 01, 2023 | $0.300 | 0.720% |
FAQ
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