Will WELLS FARGO & CO breakout?

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


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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.

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