| Scenario | |
|---|---|
| Timeframe | Weekly |
| Recommendation | BUY STOP |
| Entry Point | 58.20 |
| Take Profit | 62.00 |
| Stop Loss | 57.00 |
| Key Levels | 53.00, 53.60, 58.00, 58.20, 59.00, 62.00 |
| Alternative scenario | |
|---|---|
| Recommendation | SELL STOP |
| Entry Point | 56.50 |
| Take Profit | 53.60 |
| Stop Loss | 58.00 |
| Key Levels | 53.00, 53.60, 58.00, 58.20, 59.00, 62.00 |
Shares of Wells Fargo & Co., one of the leading banking and insurance companies in the United States, are trading at 58.00.
On the daily chart, the price is moving in a corrective trend, staying within the ascending corridor of 59.00–53.00.
On the four-hour chart, the quotes reached the channel resistance line of 58.20 and the basic trend level of 100.00% Fibonacci retracement, after overcoming which they may reach 62.00. Otherwise, a decline to the initial trend level of 61.8% Fibonacci retracement of 53.60 is expected.
Technical indicators are holding a buy signal: fast EMA of the Alligator indicator are above the signal line, and the AO histogram is forming corrective bars above the transition level.
Trading tips
Long positions may be opened after the price rises and consolidates above 58.20, with the target at 62.00. Stop loss – 57.00. Implementation period: 7 days or more.
Short positions may be opened after the price declines and consolidates below 56.50, with the target at 53.60. Stop loss – 58.00.
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