Wells Fargo & Co. (WFC) earnings and revenues as per Simply Wall reports, have been falling yearly at -9.2% and 3.1%, while the Banks industry grew at 14.9%. Its return on equity and net margins are 7.6% and 18.1%.
Simply Wall, a financial analysis website, says Wells Fargo has $1,886.4 Billion in assets and $183.2 Billion in equity. Deposits are $1,362.6 Billion, loans are $934.9 Billion, and bad loans are 0.6%. It earns a 2.6% Net Interest Margin. Cash and short-term investments are $359.4 Billion.
The market capitalization of WFC share is $160.37 Billion, and the total revenue is $96.03 Billion. Moreover, the stock’s basic EPS is $3.53, and the price-to-earnings ratio is 328.80.
Moreover, WFC stock price rose by 1.13% this month but fell by 6.39% in the last six months. Wells Fargo & Co. (WFC) stock has a negative year-to-date return of 2.80% and a negative 1-year return of 6.69%.
The average volume of Wells Fargo stock is 7.917K, and the current volume is 5.794K. The volume graph shows that the current volume is lower than the average and more buyers are needed to push the price up.
Technical Analysis of WFC Stock Price in 1-D Timeframe
As per the Wells Fargo stock price prediction, the price action shows that the WFC stock followed both demand and supply zones. It dropped by nearly 12% from the first week of February 2023, making lower lows and reaching $1113.81 in two months. Then, it bounced back from the strong supply zone of $1113.81 and rose by 7% quickly.
However, it faced resistance at $1189.67 and slid down. Since then, the WFC share price is in a contraction zone and moving in a narrow range. The two trendlines connect various support and resistance levels, and we assumed that a symmetrical triangle is forming, which can break out soon. The WFC stock price is trading at $1163.15 on the day of publishing. This pattern can go either up or down, depending on the buyers’ or sellers’ pressure.
At the time of publishing, the WFC price is trading above the 20, 50, and 100-day EMAs, which are supporting the upward trend. This means that the stock is likely to continue rising in the long term.
However, the stock is still below the 200-day EMA, which is a long-term resistance. The WFC stock needs consistently more buyers to overcome this resistance and move higher.
Moreover, the MACD line at 2.01 and the signal line at 2.10 are above the zero line, and the MACD values show consolidation in price. However, the RSI is at 56.68 points and the 14 SMA is close to the middle line of 53.50 points, which shows a neutral sentiment in the market of Wells Fargo and Company.
Summary
Wells Fargo stock price prediction highlights that the investors and traders of the WFC share show uncertainty in the 1D time frame, as the technical indicators point to a consolidation phase. However, the WFC stock is presumed to be forming a symmetrical triangle, which could lead to either a breakout or a breakdown in the near future. Therefore, the outlook for the WFC stock is cautiously optimistic for the next few weeks on the daily chart.
Technical Levels
- The nearest support levels: $1133.23 and $1090.71.
- The nearest resistance levels: $1191.03 and $1267.08.
Disclaimer
In this article, the views and opinions stated by the author or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.
Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.
Source: https://www.thecoinrepublic.com/2023/07/12/wells-fargo-co-stock-price-prediction-will-wfc-thrust-upward/