Shares in Wells Fargo & Company (symbol ‘WFC’) incurred losses in the second quarter of the year and is currently down around 9% compared to the 1st of March. The company is expected to report earnings for the quarter ending June 2023, on Friday 14th of July before markets open. The consensus EPS is $1,16 compared to $0,74 in the same quarter last year.
Antreas Themistokleous at Exness: “ Wells Fargo & Co. closed $6.52 short of its 52-week high ($48.84), which the company reached on February 14th after 3 consecutive days of losses. The company's shares slipped by around 1% on Monday where the SPX was up around 0.24% and DJIA +0.62%. New allegations from its staff about racial bias comes to add to a troubling history of scandals for the bank. On the financial side with a balance sheet of $1.88 trillion in assets and $1.7 trillion in liabilities as of 31/12/2022 the company seems to be holding above water for now.”
On the technical analysis side the price is trading just above a major technical support level of the 20 day moving average and the 50% of the weekly Fibonacci retracement level. The next major support area seems to be around the $40 area which consists of the psychological support of the round number, the lower band of the Bollinger bands as well as the 50 & 100 day moving averages.
The MACD oscillator shows that the MACD line is on the move to cross below its signal line, possibly pointing to bearish sentiment building up with the potential targets in the areas of support mentioned above. Although this does not mean that the crossover will inevitably happen so no single indicator is capable of giving out reliable “signals”.
Antreas Themistokleous at Exness: “ Wells Fargo & Co. closed $6.52 short of its 52-week high ($48.84), which the company reached on February 14th after 3 consecutive days of losses. The company's shares slipped by around 1% on Monday where the SPX was up around 0.24% and DJIA +0.62%. New allegations from its staff about racial bias comes to add to a troubling history of scandals for the bank. On the financial side with a balance sheet of $1.88 trillion in assets and $1.7 trillion in liabilities as of 31/12/2022 the company seems to be holding above water for now.”
On the technical analysis side the price is trading just above a major technical support level of the 20 day moving average and the 50% of the weekly Fibonacci retracement level. The next major support area seems to be around the $40 area which consists of the psychological support of the round number, the lower band of the Bollinger bands as well as the 50 & 100 day moving averages.
The MACD oscillator shows that the MACD line is on the move to cross below its signal line, possibly pointing to bearish sentiment building up with the potential targets in the areas of support mentioned above. Although this does not mean that the crossover will inevitably happen so no single indicator is capable of giving out reliable “signals”.