WFC Stock rebounds after 4 days of losses, Trend is down

By InvestMacro.com | #stocks #WFC

Wells Fargo & Company End of Day Update: October 12 2022

The Wells Fargo & Company (WFC) stock finished the day with an advance of 1.49 percent and closed the day around the 40.84 price level, according to unofficial data at the New York close.

Wells Fargo, an American banking and financial services company, opened the trading day at 40.24 with the high of the day reaching 41.22 and the low of the day bottoming at 39.95.

Today’s gain in WFC halted a streak of four consecutive daily declines that brought the stock down to the $40 major support level.

The WFC Trend is Down, RSI level is Bearish

The stock is currently trending lower over the past 200 trading days, according to the linear regression line (red) seen on the chart below. WFC reached a 2022 high near $60 early in the year before starting its downtrend that saw prices fall into the $30’s before coming back above $40 per share.

The Relative Strength Index, an indicator that can help identify overbought (above 70) and oversold levels (below 30), shows that the current RSI is at a 42.8 score. This is a Bearish reading on the daily time-frame.

WFC Price Returns (Closing Price Changes)

The WFC has advanced by just 0.07 percent over the past 10 days while the stock has fallen -7.48 over the past 30 days. The 90-day change is -8.25 while the 180-day return and the 365-day return are -22.50 and -7.73, respectively.

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