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

WELLS FARGO & CO (WFC)       46.905   -1.05 (-2.18%)


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Good technical signals and a possible breakout for WELLS FARGO & CO.6 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 2022-11-25

What is the technical picture of NYSE:WFC telling us.

ChartMill assigns a Technical Rating to every stock. This score ranges from 0 to 10 and is updated daily. The score is determined by evaluating multiple technical indicators and properties.

Overall WFC gets a technical rating of 8 out of 10. 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 318 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.

How does the Setup look for NYSE:WFC

ChartMill also assign a Setup Rating to every stock. With this score it is determined to what extend the stock has been trading in a range in the recent days and weeks. This score also ranges from 0 to 10 and is updated daily. The setup score evaluates various short term technical indicators. NYSE:WFC scores a 8 out of 10:

WFC has an excellent technical rating and also presents a decent setup pattern. We see reduced volatility while prices have been consolidating in the most recent period. 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.

Trading setups like 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.

Every day, new breakout setups can be found on ChartMill in our Breakout analyzer.

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