Good technical signals and a possible breakout for WELLS FARGO & CO.

WELLS FARGO & CO (WFC)       43.4   -0.26 (-0.6%)

After market: 43.42 +0.02 (+0.05%)


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Good technical signals and a possible breakout for WELLS FARGO & CO.13 days ago - Chartmill

WELLS FARGO & CO (NYSE:WFC) was identified as a Technical Breakout Setup Pattern by our stockscreener. Such a pattern occurs when we see a pause in a strong uptrend: after a strong rise the stock is consolidating a bit and at some point the trend may be continued. Whether this actually happens can not be predicted of course, but it may be a good idea to keep and eye on NYSE:WFC.

WFC Daily chart on 2022-11-24

Zooming in on the technicals.

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. 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.

  • The long and short term trends are both positive. This is looking good!
  • 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.
  • Looking at the yearly performance, WFC did better than 83% of all other stocks. However, this overall performance is mostly based on the strong move around 4 months ago.
  • WFC is an average performer in the Banks industry, it outperforms 58% of 319 stocks in the same industry.
  • 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.

Why is NYSE:WFC a setup?

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:

Besides having an excellent technical rating, WFC 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 46.91, a Stop Loss order could be placed below this zone.

How to trade NYSE:WFC?

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.

More breakout setups can be found in our Breakout analyzer.

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