Wells Fargo & Company provides retail, commercial, and corporate
banking services to individuals, businesses, and institutions. The
company’s Community Banking segment offers checking and market rate
accounts, savings and time deposits, individual retirement accounts, and
remittances; and lines of credit, auto floor plan lines, equity lines
and loans, equipment and transportation loans, education and residential
mortgage loans, and credit and debit cards. Its Wholesale Banking
segment offers commercial loans and lines of credit, letters of credit,
asset-based lending, equipment leasing, international trade facilities,
trade financing, collection, foreign exchange, treasury management,
investment management, institutional fixed-income sales, interest rate,
commodity and equity risk management, insurance, corporate trust
fiduciary and agency, and investment banking services, as well as
online/electronic products. The company’s Wealth, Brokerage, and
Retirement segment offers financial advisory, wealth management,
brokerage, retirement, trust, and reinsurance services.
To review Wells’ stock, please take a look at the 1-year chart of WFC (Wells Fargo & Company) below with my added notations:
WFC has been trending higher since October, and during that time, the
stock has been climbing a trendline of support (blue). Over the last 2
months though, the stock has formed at 52-week high resistance at $50
(red). At some point WFC will have to break one of those two levels.
The Tale of the Tape: WFC has a $50 resistance and
an uptrend line of support to watch. A long trade could be made on
either a pullback down to the trendline, which currently sits near $48,
or on a break through the $50 resistance. A break below the trendline
support should lead to lower prices.
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