| Scenario | |
|---|---|
| Timeframe | Weekly |
| Recommendation | BUY STOP |
| Entry Point | 60.95 |
| Take Profit | 62.50, 64.06 |
| Stop Loss | 59.75 |
| Key Levels | 56.25, 57.03, 58.59, 60.94, 62.50, 64.06 |
| Alternative scenario | |
|---|---|
| Recommendation | SELL STOP |
| Entry Point | 58.55 |
| Take Profit | 57.03, 56.25 |
| Stop Loss | 59.80 |
| Key Levels | 56.25, 57.03, 58.59, 60.94, 62.50, 64.06 |
Current trend
Over a month, Wells Fargo & Co. shares, one of the US leading banking and insurance companies, have been recovering the positions lost due to a correction to the long-term uptrend.
Currently, the price has reversed from the lower border of the main Murrey trading range of 56.25 (Murrey level [4/8]), moved into its positive part, and is approaching 60.94 (Murrey level [6/8]). After a breakout, it may reach 62.50 (Murrey level [8/8]) and 64.06 (Murrey level [ 2/8]). If the quotes consolidate below 58.59 (Murrey level [3/8]), supported by the middle line of Bollinger Bands, a decline to the area of 57.03 (Murrey level [1/8]) and 56.25 (Murrey level [0/8]) may follow.
Technical indicators confirm the upward trend: Bollinger Bands and Stochastic are reversing upwards, and the MACD histogram has moved into the positive zone.
Support and resistance
Resistance levels: 60.94, 62.50, 64.06.
Support levels: 58.59, 57.03, 56.25.
Trading tips
Long positions may be opened above level 60.94, with the targets at 62.50, 64.06, and stop loss 59.75. Implementation period: 5–7 days.
Short positions may be opened below 58.59, with the targets at 57.03, 56.25 and stop loss 59.80.
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