Current trend

The shares of Wells Fargo & Co., one of the leading banking and insurance companies in the United States, have resumed active growth since mid-September: during this time, the price has turned from 53.12 (Murrey level [1/8]), moved into the positive part of the Murrey trading range and is currently trying to consolidate above 71.88 (Murrey level [7/8]) to continue the upward trend towards the targets of 75.00 (Murrey level [8/8]), 78.12 (Murrey level [ 1/8]) and 81.25 (Murrey level [ 2/8]). The key for the "bears" is seen at 65.62 (Murrey level [5/8]), supported by the central line of Bollinger Bands, the breakdown of which will ensure the resumption of the decline within the central Murrey channel to 62.50 (Murrey level [4/8]) and 59.38 (Murrey level [3/8]), but such a scenario is less likely.

Technical indicators confirm the continuation of the uptrend: Bollinger Bands and Stochastic are pointing downwards, MACD is growing in the positive zone.

Support and resistance

Resistance levels: 75.00, 78.12, 81.25.

Support levels: 65.62, 62.50, 59.38.

Trading tips

Long positions can be opened from the 73.30 mark with targets of 75.00, 78.12, 81.25 and a stop-loss around 71.85. Implementation period: 5–7 days.

Short positions should be opened below the level of 65.62 with targets of 62.50, 59.38 and a stop-loss around 67.90.