Current trend

Shares of Wells Fargo & Co., one of the leading banking and insurance companies in the United States, are moving within a long-term upward trend. The price has crossed the Murrey trading range upward and has been testing the level of 57.81 (Murrey level [ 1/8]) in the upper reversal zone, consolidation above which will allow it to reach 59.38 (Murrey level [ 2/8]) and 62.50 (Murrey level [8/8], H4). A consolidation below the key “bearish” level of 54.69 (Murrey level [7/8]) may cause the development of a downward correction to the area of 51.56 (Murrey level [5/8]), 50.00 (Murrey level [4/8]).

Technical indicators reflect a continuation of the upward trend: Bollinger Bands and Stochastic are directed upward, and the MACD histogram has stabilized in the positive zone.

Support and resistance

Resistance levels: 57.81, 59.38, 62.50.

Support levels: 54.69, 51.56, 50.00.

Trading tips

Long positions may be opened above 57.81, with the targets at 59.38, 62.50, and stop loss 56.85. Implementation time: 5–7 days.

Short positions should be opened below 54.69, with the targets at 51.56, 50.00, and stop loss 55.80.