Will WELLS FARGO & CO breakout?

WELLS FARGO & CO (WFC)       46.985   -0.97 (-2.01%)

News Image
Will WELLS FARGO & CO breakout?8 days ago - Chartmill

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.

WFC Daily chart on 2022-11-23

Zooming in on the technicals.

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.

  • Both the short term and long term trends are positive. This is a very positive sign.
  • In the last month WFC has a been trading in the 45.41 - 48.36 range, which is quite wide. It is currently trading in the middle of this range where prices have been consolidating recently, this may present a good entry opportunity, but some resistance may be present above.
  • When comparing the yearly performance of all stocks, we notice that WFC is one of the better performing stocks in the market, outperforming 82% of all stocks. However, this overall performance is mostly based on the strong move around 4 months ago.
  • WFC is part of the Banks industry. There are 317 other stocks in this industry, WFC did better than 56% of them.
  • WFC is currently trading in the middle of its 52 week range. This is in line with the S&P500 Index, which is also trading in the middle of its range.

How do we evaluate the setup for NYSE:WFC?

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.

How can NYSE:WFC be traded?

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.


WFC Links

WFC News

News Image2 hours ago - BusinessInsiderBenzinga's Top Ratings Upgrades, Downgrades For December 1, 2022

News Image2 hours ago - Market News VideoWFC January 2023 Options Begin TradingNews Image4 hours ago - Seeking AlphaLennox International upgraded to Overweight at Wells Fargo (NYSE:LII)

Lennox International (LII) on Thursday was upgraded to an Overweight investment rating from Equal Weight by analysts at Wells Fargo Securities

News Image7 hours ago - Wells Fargo & CompanyWells Fargo Named a Global Best in Service Winner by Euromoney MagazineNews Imagea day ago - CNBC'I never really got better' — long Covid patients share their struggle with ongoing symptoms and the health-care system

Long Covid can be considered a disability under the Americans with Disabilities Act, but getting approved for disability insurance is challenging.

News Imagea day ago - Seeking AlphaHZNP stock jumps as analysts comment on potential deal size (NASDAQ:HZNP)

Ireland-based biotech Horizon Therapeutics (HZNP) added ~31% pre-market Wednesday as Wall Street reacted to the company's early buyout discussions with pharma giants Amgen (AMGN), Johnson...

News Image2 days ago - Market News VideoWells Fargo's Preferred Stock, Series R Shares Cross 6.5% Yield MarkNews Image2 days ago - Seeking AlphaHyatt rallies after investors back Dream Hotel acquisition

Wells Fargo said Hyatt Hotels Corporation's (H) acquisition of Dream Hotel Group is in line with the hotel operator's strategy of expanding its offerings of higher end/lifestyle...

News Image2 days ago - Seeking AlphaNovoCure stock takes off on Wells Fargo's optimism for LUNAR program

NovoCure (NVCR) was upgraded by Wells Fargo on Tuesday on hopes of a positive outcome from the company's LUNAR trial, which is studying the efficacy of tumor treating fields...

News Image2 days ago - Seeking AlphaWells Fargo touts Amazon, Chewy as e-commerce winners into year-end (NASDAQ:AMZN)

In a note expressing cautious optimism on holiday sales, Wells Fargo highlighted Amazon (AMZN), Chewy (CHWY), and eBay (EBAY) as promising picks for investors.

News Image2 days ago - BusinessInsiderBenzinga's Top Ratings Upgrades, Downgrades For November 29, 2022

News Image2 days ago - Seeking AlphaWells Fargo sees near-term drop in S&P 500, citing technical factors

Wells Fargo said Tuesday that it sees the S&P 500 Index (SP500) deteriorating over the shorter-term horizon.

Follow us for more