Wells Fargo shares retreat a fourth straight session on Wednesday, holding launches cardless ATMs in the US

Depositors at Wells Fargo & Company (WFC) will be able to process fund withdrawals at any branded ATM with the help of a smart phone, as the bank takes a step further towards digital solutions for its services. The smart phone technology is to be applied to all 13 000 ATMs of the holding across the United States.

Wells Fargo shares closed lower for a fourth straight trading session on Wednesday. The stock went down 0.93% ($0.52) to $55.33, after touching an intraday low at $54.85, or a price level not seen since January 24th ($54.13). In the week ended on March 19th the shares of the bank holding company lost 0.31% of their market value compared to a week ago, which marked a second consecutive period of decline. The stock has extended its slump to 4.41% 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%.

Wells Fargos clients having a mobile banking application will need to request an eight-digit code, which is to be typed in along with their personal identification code at a cash machine in order to withdraw funds.

Other leading banks, including JP Morgan Chase & Co and Bank of America, have already revealed their intentions to digitally upgrade their ATM infrastructure. However, Wells Fargo appears to be the first US bank to introduce cardless ATMs across its whole network.

“The new feature allows customers to withdraw cash at any time, even when they dont have their cards on them”, Jonathan Velline, the head of Wells Fargos ATM and branch banking, said, cited by Reuters. “Security certainly was a big aspect of the cardless feature and the two-step identification helps reduce the risk of fraud”, he noted.

The removal of cards also prevented “skimming techniques”, which are used by wrongdoers to read and store data once a card is inserted into an ATM.

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 – $55.40
R2 – $55.46
R3 (Range Resistance – Sell) – $55.53
R4 (Long Breakout) – $55.73
R5 (Breakout Target 1) – $55.96
R6 (Breakout Target 2) – $56.06

S1 – $55.26
S2 – $55.20
S3 (Range Support – Buy) – $55.13
S4 (Short Breakout) – $54.93
S5 (Breakout Target 1) – $54.70
S6 (Breakout Target 2) – $54.60

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

Central Pivot Point – $58.77
R1 – $59.31
R2 – $59.94
R3 – $60.48
R4 – $61.01

S1 – $58.14
S2 – $57.60
S3 – $56.97
S4 – $56.33