Wells Fargo Bullish Moving Average Crossover Alert (WFC)

Published on Mon, 07/13/2015 - 11:20
By Mallory Stone in Moving average crossovers, wfc, moving crosses, nyse:wfc, wells fargo

Today, shares of Wells Fargo (NYSE:WFC) have crossed bullishly above their 10-day moving average of $56.22 on a volume of 5.7 million shares. This may provide swing traders with an opportunity for a long position, as such a crossover often suggests higher prices in the near term.

In the past 52 weeks, shares of Wells Fargo have traded between a low of $46.44 and a high of $58.26 and are now at $56.70, which is 22% above that low price. Over the last five market days, the 200-day moving average (MA) has remained constant while the 50-day MA has remained constant.

Wells Fargo & Company is a diversified financial services company providing banking, insurance, investments, mortgage, leasing, credit cards, and consumer finance. The Company operates through physical stores, the Internet and other distribution channels across North America and elsewhere internationally.

Wells Fargo (NYSE:WFC) has potential upside of 1.7% based on a current price of $56.70 and analysts' consensus price target of $57.67. The stock should find initial support at its 50-day moving average (MA) of $56.31 and further support at its 200-day MA of $54.25.

By Mallory Stone
mstone@fnno.com

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