Chart of the Week: Wells Fargo
Hey, good morning everybody. Happy Wednesday. It’s time for our chart of the week. And let’s take a look at big bank Wells Fargo; WFC is the symbol for this one. Stock’s been making a nice move and also had some pretty good options flow the other day. So let’s take a look at this chart here.
So, from the lows – like many stocks that we’ve been seeing in the universe here – the stock made a bottom in the early part of April and has been making a nice series of higher highs and higher lows. That is our textbook definition of an uptrend.
And with the stock sitting currently at resistance, and which filled the gap last week.
Some positive news on Wells Fargo is the caps were lifted off of this stock. So that’s a positive for this one. It shot up to about $79 but pulled back. The buyers just weren’t interested in buying up there. But it did pull back to this 20 day moving average, which is the dotted line right here. And bounced off of there and is now making a run up to those highs from last week.
I think that this stock has got some energy into it right now, and probably is going to make a run towards those old highs – around $81- over the next several weeks.
Earnings come out in about 3-4 weeks – second week in July – right after Fourth of July – and it certainly looks like the technicals and the indicators are in its favor, especially for the bulls right now.
Check out the strong money flow right here. It’s been strong for several months – in fact going back to the early part of 2025.
We have a positive on the MACD. It’s about ready to cross over for another buy signal here.
Again, we have good strong volume over here. The cloud is out – actually in the green and expanding as well – that’s bullish.
And we have good strength in the RSI. Higher highs, higher lows here as well.
Nothing wrong with this chart at all. It’s just been kind of going sideways here in the last few weeks or so. And again, it popped last week and now volatility is starting to come into the stock, especially as we get towards earnings in July.
So, this is one I really like. I think it’s going to make a move up to those old highs and maybe a little bit through there by the end of the summer.
So that’s Wells Fargo. Take a look at that one. Have a great day everyone.
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