Wells Fargo shares fall for the first time in five sessions on Friday, holding appoints Jonathan Hobbs as head of its US portfolio solutions

Jonathan Hobbs has reportedly been appointed as head of Wells Fargo Asset Managements US portfolio solutions, while Kevin Kneafsey has been appointed as senior investment strategist with the group. Wells Fargo Asset Management is a unit of Wells Fargo Wealth and Investment Management.

Wells Fargo shares closed lower for the first time in the past five trading sessions on Friday. The stock went down 0.66% ($0.37) to $55.41, with the intraday high and the intraday low being at $56.05 and $55.16 respectively. The daily rate of decrease has been the sharpest one since June 22nd. In the week ended on July 2nd the shares of the bank holding company added 5.64% to their market value compared to a week ago, which marked the third gain in the past four weeks and also the best performance since the week ended on December 11th. The stock rose 8.35% in June, which marked the first gain in the past four months and also the sharpest one since last November. For the entire past year, the shares of the NYSE-listed holding company gained 1.38%.

Kevin Kneafsey was former senior adviser for Schroders, while Jonathan Hobbs was part of BlackRocks multi-asset team. Both of them are expected to report to the president of Wells Fargo Asset Management, Nicolaas Marais.

According to CNN Money, the 26 analysts, offering 12-month forecasts regarding Wells Fargo’s stock price, have a median target of $59.00, with a high estimate of $67.00 and a low estimate of $50.00. The median estimate is a 6.48% surge compared to the closing price of $55.41 on June 30th.

The same media also reported that 13 out of 31 surveyed investment analysts had rated Wells Fargo’s stock as “Hold”, while 12 – as “Buy”. On the other hand, 3 analysts had recommended selling the stock.

Daily and Weekly Pivot Levels

With the help of the Camarilla calculation method, Mondays levels of importance for the Wells Fargo stock are presented as follows:

R1 – $55.49
R2 – $55.57
R3 (Range Resistance – Sell) – $55.65
R4 (Long Breakout) – $55.90
R5 (Breakout Target 1) – $56.19
R6 (Breakout Target 2) – $56.30

S1 – $55.33
S2 – $55.25
S3 (Range Support – Buy) – $55.17
S4 (Short Breakout) – $54.92
S5 (Breakout Target 1) – $54.63
S6 (Breakout Target 2) – $54.52

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

Central Pivot Point – $54.82
R1 – $57.19
R2 – $58.97
R3 – $61.34
R4 – $63.71

S1 – $53.04
S2 – $50.67
S3 – $48.89
S4 – $47.11