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Wells Fargo shares close lower on Thursday, Mike Roemer appointed as new Chief Compliance Officer

Wells Fargo & Company (WFC) was reported to have appointed Mike Roemer as the groups new Chief Compliance Officer, who is expected to take charge in January. Roemer is to replace interim CCO Kevin Oden, who assumed the post in June, taking over from Yvette Clark.

Wells Fargo shares closed lower for the third time in the past twelve trading sessions on Thursday. The stock went down 0.81% ($0.45) to $55.21, after touching an intraday low at $55.06, or a price level not seen since October 9th ($54.92).

In the week ended on October 8th the shares of the third-largest US bank by assets added 0.78% to their market value compared to a week ago, which marked a fourth consecutive period of gains. However, it has been the smallest increase since the week ended on August 27th.

The stock has pared its advance to 0.11% so far during the current month, following a 7.99% surge in September. The latter has been the first gain out of three months.

For the entire past year, the shares of the NYSE-listed bank holding company gained 1.38%. The stock has edged up 0.18% so far in 2017.

“Hiring a leader with Mikes credentials is an important step in our commitment to building a stronger compliance function and a better Wells Fargo”, the groups CEO Tim Sloan was quoted as saying by Reuters.

Mike Roemer joins Wells Fargo from Barclays Plc, where he has been working since 2012.

According to CNN Money, the 29 analysts, offering 12-month forecasts regarding Wells Fargo’s stock price, have a median target of $60.00, with a high estimate of $67.00 and a low estimate of $35.00. The median estimate is an 8.68% surge compared to the closing price of $55.21 on October 12th.

The same media also reported that 16 out of 33 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, todays levels of importance for the Wells Fargo stock are presented as follows:

R1 – $55.27
R2 – $55.33
R3 (Range Resistance – Sell) – $55.39
R4 (Long Breakout) – $55.56
R5 (Breakout Target 1) – $55.77
R6 (Breakout Target 2) – $55.85

S1 – $55.15
S2 – $55.09
S3 (Range Support – Buy) – $55.03
S4 (Short Breakout) – $54.86
S5 (Breakout Target 1) – $54.65
S6 (Breakout Target 2) – $54.57

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

Central Pivot Point – $55.38
R1 – $55.97
R2 – $56.37
R3 – $56.96
R4 – $57.56

S1 – $54.98
S2 – $54.39
S3 – $53.99
S4 – $53.60

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