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.
Take a look at the 1-year chart of Wells Fargo (NYSE: WFC) below with added notations:
WFC has formed a trend line of support (blue) since its October
bottom. Always remember that any (2) points can start a trend line, but
it’s the 3rd test and beyond that confirm its relevance. WFC has tested
its trendline support 3 different times. In addition, the stock also has
a regular level of support at $50 (green) that sits just below the
trendline.
The Tale of the Tape: WFC has a trendline support
and a slightly lower $50 support. A long position could be entered on a
pullback down to the trendline/$50 support area. A short position could
be entered if WFC were to break below the trendline/$50 support area.
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