Current trend

Shares of Wells Fargo & Co., one of the leading banking and insurance companies in the United States, are growing as part of a long-term upward trend. Now, the price has returned to Murrey’s main trading range and is actively testing the reversal mark of 56.25 (Murrey level [2/8]), consolidation above which will allow it to reach the area of 59.38 (Murrey level [3/8]) and 62.50 (Murrey level [4/8]). In the event of a breakdown of the key “bearish” area of 53.12–52.00 (Murrey level [1/8], the middle line of Bollinger bands), the decline will resume to the reversal zone to 46.88 (Murrey level [–1/8]) and 43.75 (Murrey level [–2/8]).

Technical indicators reflect a continuation of the upward trend: Bollinger bands are directed upwards, and the MACD histogram is increasing in the positive zone. Stochastic is leaving the overbought zone, not excluding a limited correction.

Support and resistance

Resistance levels: 59.38, 62.50.

Support levels: 52.00, 46.88, 43.75.

Trading tips

Long positions may be opened from 57.05 or after a reversal at 52.00, with the targets at 59.38 and 62.50. Stop losses are 55.20 and 50.00, respectively. Implementation time: 5–7 days.