Current trend

The shares of Wells Fargo & Co., one of the leading banking and insurance companies in the United States, have been growing since the beginning of November 2023: the price reversed around from 39.06 (Murrey level [1/8]), moved into the positive part of the Murrey trading range and for three weeks has been testing its upper border at 50.00 (Murrey level [8/8]), consolidating quotes above which will open the way for continued growth in the reversal zone to the levels of 51.56 (Murrey level [ 1/8]) and 53.12 (Murrey level [ 2/8]).

The key for the "bears" is 46.88 (Murrey level [6/8]), the breakdown of which will ensure the return of quotes to 45.31 (Murrey level [5/8]) and 43.75 (Murrey level [4/8]), but this scenario seems less likely.

Technical indicators show the continuation of the uptrend: Bollinger Bands and Stochastic are directed upwards, MACD is decreasing, but remains in a positive zone.

Support and resistance

Resistance levels: 50.00, 51.56, 53.12.

Support levels: 46.88, 45.31, 43.75.

Trading tips

Long positions can be opened above the 50.00 mark with targets at 51.56, 53.12 and stop-loss around 48.80. Implementation period: 5–7 days.

Short positions can be opened below the level of 46.88 with targets at 45.31, 43.75 and stop-loss around 47.90.