Our stock screener has spotted WELLS FARGO & CO (NYSE:WFC) as a possible breakout candidate. A technical breakout setup pattern occurs when the stock is consolidating after a nice uptrend. Whether the actual breakout occurs remains to be seen of course, but it may be interesting to keep an eye on NYSE:WFC.
Every day ChartMill assigns a Technical Rating to every stock. The score ranges from 0 to 10 and is determined by evaluating multiple technical indicators and properties.
We assign a technical rating of 8 out of 10 to WFC. This is due to a decent performance in both the short and medium term time frames. Compared to the overall market, WFC is only an average performer.
Besides the Technical Rating, ChartMill also assign a Setup Rating to every stock. This setup score also ranges from 0 to 10 and determines to which extend the stock is consolidating. This is achieved by evaluating multiple short term technical indicators. NYSE:WFC currently has a 8 as setup rating:
WFC has an excellent technical rating and also presents a decent setup pattern. Prices have been consolidating lately and the volatility has been reduced. There is a resistance zone just above the current price starting at 47.56. Right above this resistance zone may be a good entry point. There is a support zone below the current price at 46.77, a Stop Loss order could be placed below this zone.
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.
This article should in no way be interpreted as trading advice. You should always make your own analysis and trade or not trade based on your own observations and style. The article is based purely on some technical observations.
Every day, new breakout setups can be found on ChartMill in our Breakout analyzer.
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