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Wells Fargo Bullish Moving Average Crossover Alert (WFC)

Published on Thu, 01/24/2013 - 12:08
By Peter Chu

Wells Fargo (NYSE:WFC) crossed over its 10-day moving average of $35.08 on a volume of 10.8 million shares. Swing traders may find an opportunity for a long position, as such a crossover often suggests higher prices in the near term.

Wells Fargo share prices have moved between a 52-week high of $36.60 and a 52-week low of $28.77 and are now trading 23% above that low price at $35.33 per share. The 200-day and 50-day moving averages have moved 0.02% higher and 0.28% higher over the past week, respectively.

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.

There is potential upside of 10.0% for shares of Wells Fargo based on a current price of $35.33 and an average consensus analyst price target of $38.86. The stock should discover initial support at its 50-day moving average (MA) of $33.75 and subsequent support at its 200-day MA of $33.57.

By Peter Chu
pchu@fnno.com