Join our community of traders FOR FREE!

  • Learn
  • Improve yourself
  • Get Rewards
Learn More

According to a January 24th statement by a spokesperson for Wells Fargo & Company (WFC), the holding is to discontinue policy involving notification of its branches one day before an internal inspection occurs.

Wells Fargo shares closed higher on Tuesday, rebounding after a 1.49% slump during the prior trading session. The stock went up 0.83% ($0.45) to $54.70, with the daily high and the daily low being at $55.07 and $54.13 respectively. In the week ended on January 22nd the shares of the bank holding company lost 0.43% of their market value compared to a week ago, which marked the third drop in the past four weeks. However, the stock has pared its slump to 0.74% so far during the current month, after rising 4.14% in December. The latter has been a third straight month of advance. For the entire 2016, the shares of the NYSE-listed holding company gained 1.38%.

The Wall Street Journal had already reported on this practice of advance notification at Wells Fargo, which allowed its employees a time window to conceal doubtful sales practices by destroying documents and fabricating signatures.

Mary Eshet, a spokesperson for Wells Fargo, acknowledged that the bank holding would discontinue such a practice. However, she did not respond immediately to the statements published in the Wall Street Journal.

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 – $54.79
R2 – $54.87
R3 (Range Resistance – Sell) – $54.96
R4 (Long Breakout) – $55.22
R5 (Breakout Target 1) – $55.52
R6 (Breakout Target 2) – $55.65

S1 – $54.61
S2 – $54.53
S3 (Range Support – Buy) – $54.44
S4 (Short Breakout) – $54.18
S5 (Breakout Target 1) – $53.88
S6 (Breakout Target 2) – $53.75

By using the traditional method of calculation, the weekly levels of importance for Wells Fargo & Company (WFC) are presented as follows:

Central Pivot Point – $54.51
R1 – $55.67
R2 – $56.28
R3 – $57.44
R4 – $58.61

S1 – $53.90
S2 – $52.74
S3 – $52.13
S4 – $51.53

TradingPedia.com is a financial media specialized in providing daily news and education covering Forex, equities and commodities. Our academies for traders cover Forex, Price Action and Social Trading.

Related News

  • Risk-Off Mood Pressures Meme and AI Tokens as Sellers DominateRisk-Off Mood Pressures Meme and AI Tokens as Sellers Dominate Key Moments Pump.fun (PUMP), SPX6900 (SPX), and Bittensor (TAO) are among the steepest decliners over the last 24 hours, as total crypto liquidations exceed $500 million. Retail traders are blaming alleged institutional […]
  • GBP/USD steady near 60-week high in anticipation of UK CPI data, BoE meetingGBP/USD steady near 60-week high in anticipation of UK CPI data, BoE meeting Key pointsGBP/USD trades in proximity to Friday's 60-week peak UK CPI numbers for May, Bank of England's policy meeting outcome in focus Dollar eyes Fed Chair Powell's testimonyGBP/USD was mostly steady on Monday, […]
  • Wall Street Stocks Surge as Trump Mulls 90-Day Tariff SuspensionWall Street Stocks Surge as Trump Mulls 90-Day Tariff Suspension Key momentsMajor US indices experienced major volatility on Monday, with notable lows being followed by a recovery as news of a potential 90-day pause of the recently announced tariffs on US imports made headlines. Dow soared 2.19% to […]
  • Forex Market: EUR/SEK daily trading forecastForex Market: EUR/SEK daily trading forecast Yesterday’s trade saw EUR/SEK within the range of 9.1645-9.1952. The pair closed at 9.1752, losing 0.09% on a daily basis.At 6:59 GMT today EUR/SEK was up 0.08% for the day to trade at 9.1809. The pair touched a daily high at 9.1875 at […]
  • Forex Market: USD/CAD trading outlook for October 20th 2016Forex Market: USD/CAD trading outlook for October 20th 2016 Yesterday’s trade (in GMT terms) saw USD/CAD within the range of 1.3006-1.3143. The pair closed at 1.3115, rebounding 0.05% from Tuesdays close. It has been the 188th gain in the past 363 trading days, but yet, the smallest one since […]
  • Forex Market: EUR/GBP daily trading forecastForex Market: EUR/GBP daily trading forecast Yesterday’s trade saw EUR/GBP within the range of 0.7626-0.7746. The pair closed at 0.7659, losing 1.00% on a daily basis.At 7:21 GMT today EUR/GBP was unchanged for the day to trade at 0.7659. The pair touched a daily high at 0.7673 at […]