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Technical Analysis – Wells Fargo jumps to 4-month high after dividend hike
July 4, 2023 2:27 pmVideo
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Wells Fargo’s stock has been in a short-term uptrend after finding its feet at the two-year low of 36.44 during the recent banking turmoil in March. In addition, the price recently jumped above its 200-day simple moving average (SMA), while posting a fresh four-month high of 43.53 in the latest daily session.
The momentum indicators currently suggest that bullish forces are strengthening. Specifically, the MACD has jumped above its red signal line in the positive territory, while the RSI is at its highest level since mid-February.
Should buying interest intensify and the price storm to fresh highs, initial resistance could be encountered at the September 2022 resistance of 44.60. Crossing above this level, the bulls could eye the September 2022 high of 46.00 before the price tests the November peak of 48.20. Higher up, further advances could halt at the 2023 high of 48.80.
Alternatively, if negative forces regain total control, the price could face the 200-day SMA, currently at 42.60. Should that floor collapse, the spotlight could turn to 41.50 or lower to the June lows around 40.30. Piercing through the latter, the May support of 39.20 could prove to be the next obstacle for the bears to clear.
Overall, Wells Fargo’s stock currently seems ready to extend its recent advance amid positive fundamental developments. However, traders should be cautious as Wells Fargo is reporting earnings next week, thus we could be entering a period with heightened volatility.
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