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

  • US dollar lost positions on weak economic dataUS dollar lost positions on weak economic data US dollar lost positions widely against other major currencies on Thursday after the release of weak economic data, casting aside speculations that FED would reduce scale of its easing program.During European afternoon trade EUR/USD pushed […]
  • USD/CAD on six-week highsUSD/CAD on six-week highs US dollar managed to climb to six-week highs against its Canadian counterpart on Wednesday, as investors expected the minutes of Feds most recent meeting on policy later today.USD/CAD hit its highest point at 1.0446 at 9:00 GMT, also the […]
  • BofA Sees Upside Capped for Equinor, Cuts Rating to NeutralBofA Sees Upside Capped for Equinor, Cuts Rating to Neutral Key Moments Bank of America shifted its rating on Equinor (NYSE: EQNR) (OL: EQNR) to Neutral as the stock trades close to its unchanged price objective of NOK260. BofA reduced its post-2025 estimates, citing valuation that […]
  • YouTube now imposes ban on Russia-funded media worldwideYouTube now imposes ban on Russia-funded media worldwide YouTube said last week that it would impose a ban on Russian state-funded media channels globally.Russian state media has been publishing articles and coverage that depicted Ukraine as an aggressor and a nuclear threat since before […]
  • Lumentum Holdings cuts revenue forecast for fiscal third quarterLumentum Holdings cuts revenue forecast for fiscal third quarter Lumentum Holdings Inc said this week it now expected revenue for its fiscal third quarter to be within the range of $380 million to $384 million.Previously, the company had forecast revenue in the range of $430 million to $460 […]
  • EUR/AUD comes off 15-week high as Australia exports hit 10-month highEUR/AUD comes off 15-week high as Australia exports hit 10-month high The EUR/AUD currency pair extended a pullback from recent 15-week high on Thursday following Australia's trade figures for January and ahead of the outcome of the ECB’s March policy meeting.Australia's trade surplus was reported to […]