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Wells Fargo shares climb above 50-day SMA
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Next week’s earnings announcement eyed
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Momentum indicators are tilted to the upside
Wells Fargo’s stock had been rangebound during most of June, unable to adopt a clear directional impetus. However, the bulls managed to propel the price higher in the past few sessions, conquering the 50-day simple moving average (SMA).
Should the recent uptick strengthen, the stock could challenge the April 2024 high of 61.65. A violation of that zone could set the stage for the all-time high of 62.45, registered in May. Even higher, the 65.00 psychological mark could prove to be the next barricade for the price to overcome.
In case of a downside reversal, the May support of 59.00 could act as the first line of defence ahead of 58.30. Further declines could then cease at the June low of 56.30, which also held strong during March. If that barrier also fails, the April bottom of 55.50 could curb any downside attempts.
In brief, Wells Fargo’s stock has been on the rise ahead of its Q2 earnings announcement next week. Can solid financials send the price to fresh highs?
