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Uptrend ExhaustionArchive - 4/12/2024 - Sign In to see current Signals. |
Wells Fargo (WFC) Technical Analysis
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| Summary:
| | Weekly : | | Daily : Move cursor over the icon to see details.
| | It was the negative week for the Wells Fargo (WFC). During the week, the WFC dropped -0.93 points, or -1.62%, and closed at 56.47 on Friday, April 12, 2024. It was the worst weekly loss since February 9, 2024. WFC was trading at average weekly trading volume. WFC is a member of Financials Sector. Financials is the most overbought sector. Sector/industry rotation is considered a proven strategy to beat the market. Use the following links to find overbought/oversold technical indicators by Sector or by Industry. Long-term trend: [See WFC long-term trend chart] A long-term downtrend had started on February 10, 2022 at 60.30 and reached 35.25 on March 24, 2023. WFC lost 25.05 points, or 41.54%, in 58 weeks. The chart has formed a Falling Wedge chart pattern. The downtrend resistance line (33.49) is broken. A broken support is considered to be a long-term bullish signal. Use the following links to access Trend Support/Resistance Help, or use the Technical Stock Screener to see the list of stocks with broken trend resistance line in a long-term trend. Medium-term trend: [See WFC medium-term trend chart] A medium-term uptrend had started on October 4, 2023 at 38.39 and reached 58.44 on March 13, 2024. WFC gained -20.05 points, or -52.23%, in 23 weeks. The chart has formed a Broadening Ascending Wedge chart pattern. The trend support level is at 52.68 and resistance is at 62.21. A Broadening Ascending Wedge pattern is considered to be a reversal formation. It usually appears in a mature trend, characterized by overbought/oversold long-term and short-term indicators, and often generates divergence on long-term indicators. Use the following link to access a Broadening Ascending Wedge chart pattern help, or use a Technical Stock Screener to see the list of stocks with Broadening Ascending Wedge pattern in a medium-term trend. Weekly Technical Indicators: [See WFC weekly technical indicators chart] Weekly Williams' Percentage Range is overbought while Lane's Stochastic is strongly overbought. Use the Technical Stock Screener to see the list of stocks with overbought weekly Williams' Percentage Range or strongly overbought weekly Lane's Stochastic. Oscillators are designed to signal a possible trend reversal. They can act as alerts and should be taken in conjunction with other technical analysis tools. Oscillators can be used to confirm other technical signals. Use the following links to access Lane's Stochastic and Williams' Percentage Range help. The weekly MACD line is above its signal line since November 17, 2023. This is an indication that the medium-term trend is up. Use the following link to access a MACD help. Short-term trend: [See WFC short-term trend chart] A short-term downtrend had started on March 13, 2024 at 58.44 and reached 55.34 on April 12, 2024. WFC lost 3.10 points, or 5.30%, in 30 days. Price is near the Fibonacci 38.2% retracement level. The Fibonacci retracement level is considered a support/resistance level. Daily Technical Indicators: [See WFC daily technical indicators chart] Daily technical indicators are neutral. The daily MACD line is below its signal line since March 15, 2024. This is an indication that the short-term trend is down. During the last week, the price has declined below the moving average in the center of the Bollinger Bands. The distance between the Bollinger Bands is falling, and it was 3.12% on Friday. It is 72.94% lower than one year average. It indicates the period of low volatility of the stock price. The Bollinger Bands are often used with a non-oscillator indicator like chart patterns or a trendline. The signals are considered more reliable if these indicators confirm the recommendation of the Bollinger Bands. Use the following links to access the Bollinger Bands Help, or use the Technical Stock Screener to see the list of stocks with the price above the Upper Bollinger Band or below the Lower Bollinger Band.
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