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- 1 Wells Fargo & Co’s WFC stock price is moving up inside an interesting pattern.
- 2 WFC shares have recovered above the 20, 50, 100 and 200-days Daily Moving Average.
- 3 Wells Fargo & Company (NYSE: WFC) is an American multinational financial services company with a significant global presence.
The WFC stock price has been rising inside an ascending parallel channel over the daily time frame chart. Analysts believe WFC shares may recover maximum through the rising parallel channel. Meanwhile, in the pre-market session of Monday, currently, the price of WFC was at $43.62 with an increase of 0.14% in its market cap. This suggests buyers may accumulate themselves to push Wells Fargo stock price towards the upper threshold.
WFC stock price was at $43.56 and has lost 0.34% of its market capitalization during Friday’s trading session. The trading volume was above average and under the influence of sellers, demonstrating that sellers are trying to pull the WFC share price towards the lower trendline. However, the pre-market session is narrating a different story currently.
Will WFC Stock Price Reach the $50 Mark?
Wells Fargo stock price has been trading inside an ascending parallel channel over the daily time frame chart. WFC shares need to accumulate buyers in order to sustain near the upper trendline of the ascending parallel channel. Moreover, analysts believe buyers may accumulate by the opening of Monday’s trading session to push WFC stock price.
The Wells Fargo and Company (NYSE: WFC) operates in 35 countries and serves over 70 million customers worldwide. Meanwhile, WFC shares have recovered above the 20, 50, 100 and 200-days Daily Moving Average.
The WFC stock price had outperformed the market in the previous trading session. WFC stock price has gained around 2.28% in a week and 1.89% in a month. Also, WFC shares got up around 9.58% in the last three months and 5.27% in the last six months. Moreover, Wells Fargo stock price has surged 4.69% year-to-date and 14.36% in a year. This confirms the facts regarding WFC share’s maximum recovery during 2023.
Technical indicators suggest the struggle of WFC stock price to sustain near the upper trendline of the rising parallel channel. Relative strength index (RSI) showcases the downtrend momentum of WFC share price. RSI was at 61 and is heading towards neutrality.
MACD exhibits the upside trend of WFC share price. The MACD line is above the signal line after a positive crossover. Investors in Wells Fargo & Co (NYSE: WFC) need to wait for any directional change over the daily time frame chart.
Summary
Over the daily time frame chart, the WFC stock price has been increasing inside an ascending parallel channel. In order to maintain the rising parallel channel’s upper trendline, WFC shares must attract buyers. Over 70 million people are served by The Wells Fargo and Company (NYSE: WFC), which has operations in 35 nations. Additionally, WFC stock increased by about 9.58% and 5.27% during the past three and six months, respectively. Technical indications point to a WFC stock price struggling to hold near the rising parallel channel’s upper trendline.
Technical Levels
Support Levels: $43.00 and $42.40
Resistance Levels: $45.50 and $48.27
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
