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- 1 WFC stock price recovered approximately 7% from the recent swing low and regained $40.
- 2 Wells Fargo stock price (NYSE: WFC) trying to climb above the 50-day EMA.
- 3 Wells Fargo Company beats the EPS and revenue estimates in quarterly earnings.
Wells Fargo & Company WFC stock price recovered approximately 7% from the recent swing low. It showed initial signs of a bullish trend reversal and the bulls seem to be returning back on track.
Wells Fargo stock price is trying to climb above the 50-day and 200-day EMA. If the buyers succeed, then the trend will reverse upward and the price might show a surprising up move.
In mid-September, WFC stock price attempted to break the $44.00 hurdle with a high buying volume. But the attempt failed and ended as a trap for the bulls.
Gradually, the price declined and dropped below the $40.00 support. It triggered the negative sentiment and invited further decline. However, the price did not fall much, and $38.00 acted as a support.
Wells Fargo & Co. released its quarterly earnings on October 13, 2023. It succeeded in beating the analyst estimates and reported an EPS of $1.48 and revenue of $20.857 Billion.
The company beats the EPS by 19.13% and revenue by 3.84%. Due to this, WFC share price reacted positively and gained momentum.
Will WFC Stock Price Test Previous Swing High?
WFC stock price is in a recovery phase and short-term investors seem to be betting for more upside. The price action of Wells Fargo stock price indicates that the recent upmove looks reliable and the price may sustain the higher levels.
Till the WFC stock price sustains above $38.00, the bulls will remain active. Any short-term retracement toward the support is likely to be brought up.
Moreover, if the buyers succeed in breaking out of the $44.00 hurdle, then it will increase the probability of retesting the previous high.
Will Wells Fargo Stock Price Give Follow-Up Momentum?
Wells Fargo stock price formed a bullish engulfing candle on the weekly time frame. It shows that bulls are getting active and the price may give the follow-up momentum.
On the higher side, $44.00 is likely to act as an immediate hurdle for the bulls. So, it will be interesting to see how the price reacts near the supply zone.
The MACD reverses upward and generates a fresh positive crossover. It indicates that bullish momentum may continue in the coming weeks. The RSI at 51 pointing north denotes the strength and confidence of the buyers.
Conclusion
Wells Fargo & Company WFC stock price is reversing upward and quarterly earnings have boosted the positive momentum. The technical analysis suggests that Wells Fargo stock price is turning bullish and likely to break the $44.00 hurdle.
Technical Levels
- Resistance levels: $43.80 and $48.91
- Support levels: $38.36 and $35.29
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets 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.
