Wells Fargo Stock Forecast
Evaluation of Wells Fargo stock downgraded after the last trading session.
(Updated on Jun 25, 2024)
The Wells Fargo stock price fell by -3.07% on the last day (Tuesday, 25th Jun 2024) from $59.01 to $57.20. During the last trading day the stock fluctuated 3.18% from a day low at $57.18 to a day high of $59.00. The price has been going up and down for this period, and there has been a -1.26% loss for the last 2 weeks. Volume has increased on the last day by 12 million shares but on falling prices. This may be an early warning and the risk will be increased slightly over the next couple of days. In total, 27 million shares were bought and sold for approximately $1.53 billion.
The stock has broken the horizontal trend down. Breaks like this are often followed by swift and strong movements, and any correction down to the breakline at approximately $57.29 is considered to be a "second chance" to get out before further fall. It is, however, important to note that false breaks may appear and that the price may move back into the horizontal trend. A break on increasing volume is considered to be more significant and reliable than breaks on low volume.
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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 0.123%. Further rise is indicated until a new top pivot has been found. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). Some negative signals were issued as well, and these may have some influence on the near short-term development. The Wells Fargo stock holds sell signals from both short and long-term Moving Averages giving a more negative forecast for the stock. Also, there is a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections up, there will be some resistance from the lines at $58.28 and $59.52. A break-up above any of these levels will issue buy signals. Volume rose on falling prices yesterday. This may be an early warning and the stock should be followed more closely.
Support, Risk & Stop-loss for Wells Fargo stock
Wells Fargo finds support from accumulated volume at $57.13 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
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 $1.82 between high and low, or 3.18%. For the last week the stock has had daily average volatility of 2.05%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (WFC) For The Upcoming Trading Day Of Wednesday 26th
For the upcoming trading day on Wednesday, 26th we expect Wells Fargo & Company to open at $57.79, and during the day (based on 14 day Average True Range), to move between $56.02 and $58.38, which gives a possible trading interval of +/-$1.18 (+/-2.06%) up or down from last closing price. If Wells Fargo & Company takes out the full calculated possible swing range there will be an estimated 4.11% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $57.13 (0.12%) than the resistance at $58.10 (1.57%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is Wells Fargo & Company stock A Buy?
Wells Fargo holds several negative signals and is within a falling trend, so we believe it will still perform weakly in the next couple of days or weeks. We therefore hold a negative evaluation of this stock. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Buy to a Sell candidate.
Current score: -1.378 Sell Candidate Downgraded
Predicted Opening Price for Wells Fargo & Company of Wednesday, June 26, 2024
| Fair opening price June 26, 2024 | Current price |
|---|---|
| $57.79 ( 1.04%) | $57.20 |
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 | 59.61 | 4.22% |
| R2 | 58.92 | 3.00% |
| R1 | 58.49 | 2.25% |
| Price | 57.20 | |
| S1 | 57.10 | -0.178% |
| S2 | 56.67 | -0.93% |
| S3 | 55.97 | -2.14% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 61.89 | 8.20% |
| R2 | 60.35 | 5.51% |
| R1 | 58.10 | 1.57% |
| Price | 57.20 | |
| S1 | 57.13 | -0.122% |
| S2 | 56.47 | -1.28% |
| S3 | 56.41 | -1.38% |
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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