On December 9th a hotline for ex-Wells Fargo employees, laid off for allegedly opening unauthorized accounts, was reported to have been established by a private US regulator. Three months ago the San Francisco-based financial institution was ordered to pay fines and restitution at the amount of $190 million, as according to federal regulators, its tense sales campaign urged employees to create 2 million deposit and credit card accounts without being permitted by clients.
Wells Fargo shares closed lower for the first time in the past five trading sessions on Friday. The stock edged down 0.26% ($0.15) to $57.14, with the daily high and the daily low being at $57.24 and $56.49 respectively. In the week ended on December 11th Wells Fargo shares soared 6.64% compared to a week ago, which marked their strongest weekly performance since the week ended on November 13th. The stock has gained 7.97% so far during the current month, after climbing 15.02% in November. The latter has been the stock’s best performance in at least 6 years.
In relation with the sales scandal, Wells Fargo laid off 5 300 branch employees, while the bank’s former CEO, John Stumpf, resigned. A number of employees have sued the bank or filed complaints with regulatory authorities, claiming they were laid off only after they talked about this fraudulent practice.
In November Wells Fargo CEO, Tim Sloan, was handed a letter by Democratic Senators Elizabeth Warren, Ron Wyden and Robert Menendez in relation with the matter. It revealed that evidence from the Financial Industry Regulatory Authority (FINRA) was present that Wells Fargo may have put forth calumnious statements as a retaliation attempt against employees who spoke against the banks sales campaign.
Daily and Weekly Pivot Levels
With the help of the Camarilla calculation method, todays levels of importance for the Wells Fargo stock are presented as follows:
R1 – $57.21
R2 – $57.28
R3 (Range Resistance – Sell) – $57.35
R4 (Long Breakout) – $57.55
R5 (Breakout Target 1) – $57.79
R6 (Breakout Target 2) – $57.90
S1 – $57.07
S2 – $57.00
S3 (Range Support – Buy) – $56.93
S4 (Short Breakout) – $56.73
S5 (Breakout Target 1) – $56.49
S6 (Breakout Target 2) – $56.38
By using the traditional method of calculation, the weekly levels of importance for Wells Fargo & Company (WFC) are presented as follows:
Central Pivot Point – $56.34
R1 – $58.82
R2 – $60.49
R3 – $62.97
R4 – $65.44
S1 – $54.67
S2 – $52.19
S3 – $50.52
S4 – $48.84
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