Wells Fargo & Company (WFC) was reported to have taken further measures in restructuring its retail banking division, which led to the demotion of several senior executives. However, Wells Fargo has not yet made any statements on the matter.
Wells Fargo shares closed higher on Thursday, while marking their first gain in the past four trading sessions. The stock went up 0.84% ($0.49) to $58.70, with the intraday high and the intraday low being at $58.87 and $58.20 respectively. In the week ended on March 5th the shares of the bank holding company added 1.87% to their market value compared to a week ago, which marked the fourth gain in the past six weeks. The stock has extended its advance to 1.42% so far during the current month, following a 2.75% surge in February. The latter has been a fifth straight month of gains. For the entire past year, the shares of the NYSE-listed holding company gained 1.38%.
According to a March 7th memo, as reported by the Wall Street Journal, Mary Mack, the head of Wells Fargos retail banking unit, was reorganizing groups within the division in order to widen its focus on 6 000 branches located in the US.
In September last year Wells Fargo estimated that up to 2.1 million clients might have found themselves having deposit and credit card accounts created in their names without authorization during the course of several years, due to the banks high pressure sales campaign. As a result, the financial holding company agreed to pay $185 million in order to settle charges related to the scandal. In addition, an array of federal and state investigations was triggered, 5 300 Wells Fargo branch employees were laid off, while the group’s former CEO John Stumpf resigned.
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 – $58.76
R2 – $58.82
R3 (Range Resistance – Sell) – $58.88
R4 (Long Breakout) – $59.07
R5 (Breakout Target 1) – $59.28
R6 (Breakout Target 2) – $59.38
S1 – $58.64
S2 – $58.58
S3 (Range Support – Buy) – $58.52
S4 (Short Breakout) – $58.33
S5 (Breakout Target 1) – $58.12
S6 (Breakout Target 2) – $58.02
By using the traditional method of calculation, the weekly levels of importance for Wells Fargo & Company (WFC) are presented as follows:
Central Pivot Point – $58.86
R1 – $60.02
R2 – $61.14
R3 – $62.30
R4 – $63.45
S1 – $57.74
S2 – $56.58
S3 – $55.46
S4 – $54.33