Wells Fargo Stock Forecast

Wells Fargo stock upgraded to Strong Buy Candidate.
(Updated on May 10, 2024)

WFC Signals & Forecast

The Wells Fargo 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 $60.66 and $58.66. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Tuesday, April 30, 2024, and so far it has risen 4.33%. Further rise is indicated until a new top pivot has been found. Volume fell during the last trading day despite gaining prices. This causes a divergence between volume and price and it may be an early warning. The stock should be watched closely. Some negative signals were issued as well, and these may have some influence on the near short-term development. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD).

Buy

Special Signal Notification

Double Bottom Formation

A buy signal from a double bottom formation was found on Tuesday, April 16, 2024 with a target of $58.06. Despite whether the objective of the signal formation has been reached the stock may continue to perform well.

Support, Risk & Stop-loss for Wells Fargo stock

Wells Fargo finds support from accumulated volume at $60.35 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.

This stock has average movements during the day and with good trading volume, the risk is considered to be medium. During the last day, the stock moved $0.505 between high and low, or 0.82%. For the last week, the stock has had daily average volatility of 1.43%.

Since the Wells Fargo has been rising for 8 days in a row, the risk over the next couple of days has increased. We don't expect a major reaction as the stock is in very good shape technically, and therefore hold a positive evaluation despite the very short term risk.

Our recommended stop-loss: $59.24 (-4.28%) (This stock has medium daily movements and this gives medium risk. There is a buy signal from a pivot bottom found 8 days ago.)

Trading Expectations (WFC) For The Upcoming Trading Day Of Monday 13th

For the upcoming trading day on Monday, 13th we expect Wells Fargo & Company to open at $61.77, and during the day (based on 14 day Average True Range), to move between $60.85 and $62.93, which gives a possible trading interval of +/-$1.04 (+/-1.69%) up or down from last closing price. If Wells Fargo & Company takes out the full calculated possible swing range there will be an estimated 3.37% move between the lowest and the highest trading price during the day.

With no resistance above and support from accumulated volume @ $60.35, some $1.54 (2.49%) from the current price of $61.89, our system finds the risk reward attractive.

Is Wells Fargo & Company stock A Buy?

Wells Fargo holds several positive signals and is within a strong rising trend. As the old saying says, "Let the trend be your friend.'". We therefore consider it to be a good choice at these current levels and we are expecting further gains during the next 3 months. We have upgraded our analysis conclusion for this stock since the last evaluation from a Buy to a Strong Buy candidate.

Current score: 5.793 Strong Buy Candidate Upgraded

Predicted Opening Price for Wells Fargo & Company of Monday, May 13, 2024

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