According to a February 17th statement by a representative from Wells Fargo & Company (WFC), “relatively stable” trends in branch banking were observed in January. Although there has been a drop in customer branch interactions, other key indicators have shown a rather positive tendency.
Wells Fargo shares closed lower for a second straight session on Friday. The stock inched down 0.05% ($0.03) to $58.09, after touching an intraday low of $57.45, or a level not seen since February 14th ($56.99). In the week ended on February 19th the shares of the bank holding company added 2.16% to their market value compared to a week ago, which marked the best performance since the week ended on January 29th. The stock has trimmed its advance to 3.12% so far during the current month, following a 2.21% surge in January. The latter has been a fourth straight month of gains, but yet, the smallest increase since last July. For the entire 2016, the shares of the NYSE-listed holding company gained 1.38%.
“After factoring in day count differences and typical seasonality, trends were relatively stable in January and within our expectations”, Mary Mack, the head of Wells Fargos branch banking unit, said in a press release, cited by Reuters.
Total client branch interactions were down 12% in January compared to December and down 4% compared to January last year. At the same time, customer checking accounts were 18% more in January from a month ago and 31% fewer compared to January last year.
According to the bank holding company, customers tended to use debit and credit cards more in January compared to the same month a year earlier. However, card use was less intensive during the past month compared to December 2016, due to a typical seasonal slowdown following the holiday period.
Daily and Weekly Pivot Levels
With the help of the Camarilla calculation method, today’s levels of importance for the Wells Fargo stock are presented as follows:
R1 – $58.15
R2 – $58.21
R3 (Range Resistance – Sell) – $58.27
R4 (Long Breakout) – $58.45
R5 (Breakout Target 1) – $58.66
R6 (Breakout Target 2) – $58.75
S1 – $58.03
S2 – $57.97
S3 (Range Support – Buy) – $57.91
S4 (Short Breakout) – $57.73
S5 (Breakout Target 1) – $57.52
S6 (Breakout Target 2) – $57.43
By using the traditional method of calculation, the weekly levels of importance for Wells Fargo & Company (WFC) are presented as follows:
Central Pivot Point – $58.00
R1 – $59.10
R2 – $60.12
R3 – $61.22
R4 – $62.33
S1 – $56.98
S2 – $55.88
S3 – $54.86
S4 – $53.85
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