By Mill Chart
Last update: Aug 7, 2023
Our stock screener has flagged WELLS FARGO & CO (NYSE:WFC) as a potential breakout candidate. This occurs when the stock shows signs of consolidation after a notable upward trend. While we can't predict the actual breakout, it's worth monitoring NYSE:WFC for potential movement.
ChartMill assigns a proprietary Technical Rating to each stock. The score is computed daily by evaluating various technical indicators and properties. The score ranges from 0 to 10.
Taking everything into account, WFC scores 8 out of 10 in our technical rating. Although WFC is only a medium performer in the overall market, the technical picture looks good in both the medium and short term time frames.
Check the latest full technical report of WFC for a complete technical analysis.
Next to the Technical Rating, the Setup Rating of a stock determines to which extend the stock is consolidating. This score also ranges from 0 to 10 and is updated daily. The setup score evaluates various short term technical indicators. For NYSE:WFC this score is currently 8:
WFC has an excellent technical rating and also presents a decent setup pattern. Prices have been consolidating lately and the volatility has been reduced. A pullback is taking place, which may present a nice opportunity for an entry. There is a resistance zone just above the current price starting at 46.85. Right above this resistance zone may be a good entry point. We notice that large players showed an interest for WFC in the last couple of days, which is a good sign.
One way to play this would be to wait for the actual breakout to happen and buy when the stock breaks out above the current consolidation zone. A possible place for a stop loss would be below this zone.
Important Note: The content of this article is not intended as trading advice. It is essential to perform your own analysis and exercise caution when making trading decisions. The article presents technical observations generated by automated analysis but does not guarantee any trading outcomes. Always trade responsibly and make independent judgments.
Our Breakout screener lists more breakout setups and is updated daily.
This is not investing advice! The article highlights some of the observations at the time of writing, but you should always make your own analysis and invest based on your own insights.
WELLS FARGO & CO
NYSE:WFC (5/10/2024, 7:27:33 PM)
After market: 61.83 -0.06 (-0.1%)61.89
+0.61 (+1%)
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With a solid technical rating of 10 out of 10, WELLS FARGO & CO (NYSE:WFC) is showing strong indications of a possible breakout.