Will WELLS FARGO & CO Break Out? A Technical Analysis Perspective.

WELLS FARGO & CO (NYSE:WFC) has been identified as a Technical Breakout Setup Pattern by our stock screener. This pattern typically occurs when a stock takes a pause after a significant rise, indicating the possibility of a continuation in the trend. While it's impossible to predict with certainty, it might be beneficial to monitor NYSE:WFC.

What is the technical picture of NYSE:WFC telling us.

Every day, ChartMill assigns a Technical Rating to each stock, providing a score ranging from 0 to 10. This rating is determined by evaluating various technical indicators and properties.

Taking everything into account, WFC scores 10 out of 10 in our technical rating. This is due to a consistent performance in both the short and longer term time frames. Also compared to the overall market, WFC is showing a nice and steady performance.

• The long and short term trends are both positive. This is looking good!
• When comparing the yearly performance of all stocks, we notice that WFC is one of the better performing stocks in the market, outperforming 86% of all stocks. On top of that, WFC also shows a nice and consistent pattern of rising prices.
• WFC is one of the better performing stocks in the Banks industry, it outperforms 74% of 408 stocks in the same industry.
• WFC is currently trading in the upper part of its 52 week range. The S&P500 Index however is currently trading near a new high, so WFC is lagging the market slightly.
• In the last month WFC has a been trading in the 56.33 - 61.18 range, which is quite wide. It is currently trading near the high of this range.

Check the latest full technical report of WFC for a complete technical analysis.

How do we evaluate the setup for NYSE:WFC?

ChartMill also assign a Setup Rating to every stock. With this score it is determined to what extend the stock has been trading in a range in the recent days and weeks. This score also ranges from 0 to 10 and is updated daily. The setup score evaluates various short term technical indicators. NYSE:WFC scores a 9 out of 10:

Besides having an excellent technical rating, WFC also presents a decent setup pattern. Prices have been consolidating lately and the volatility has been reduced. A pullback is taking place, which may present a nice opportunity for an entry. There is a resistance zone just above the current price starting at 61.10. Right above this resistance zone may be a good entry point. There is a support zone below the current price at 59.74, a Stop Loss order could be placed below this zone. Another positive sign is the recent Pocket Pivot signal.

How can NYSE:WFC be traded?

A breakout opportunity may arise when the stock surpasses the current consolidation zone and reaches new highs. Traders often wait for this breakout before considering buying the stock. To manage risk, a stop loss order could be placed below the consolidation zone to limit potential losses.

Please note that this article should not be construed as trading advice. The information provided is solely based on automated technical analysis and serves to highlight technical observations. It is important to conduct your own analysis and make trading decisions based on your own judgment and responsibility.

Every day, new breakout setups can be found on ChartMill in our Breakout screener.

Keep in mind

Important Note: The content of this article is not intended as trading advice. It is essential to perform your own analysis and exercise caution when making trading decisions. The article presents observations created by automated analysis but does not guarantee any trading or investment outcomes. Always trade responsibly and make independent judgments.