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TMCNet:  Watch for Wells Fargo to Potentially Pullback After Gaining 1.99% Yesterday

[January 10, 2013]

Watch for Wells Fargo to Potentially Pullback After Gaining 1.99% Yesterday

Jan 10, 2013 (SmarTrend(R) News Watch via COMTEX) -- Wells Fargo (NYSE:WFC) traded in a range yesterday that spanned from a low of $34.89 to a high of $35.40. Yesterday, the shares gained 2.0%, which took the trading range above the 3-day high of $35.15 on volume of 37.3 million shares. Often times after large one-day gains, short term traders will seek to take profits and, as such, investors should be cautious.


In the past 52 weeks, shares of Wells Fargo have traded between a low of $28.77 and a high of $36.60 and are now at $35.35, which is 23% above that low price. The 200-day and 50-day moving averages have moved 0.04% higher and 0.13% higher over the past week, respectively.

SmarTrend recommended that subscribers consider buying shares of Wells Fargo on December 12th, 2012 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $33.64. Since that recommendation, shares of Wells Fargo have risen 3.2%. We continue to monitor WFC for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Write to Chip Brian at cbrian@mysmartrend.com --------------------------------------------------------------------------------------------- SmarTrend analyzes over 5,000 securities simultaneously throughout the trading day and provides its subscribers with trend change alerts in real time. To get a free trial of our trading calls and maximize your trading results, please visit http://www.MySmarTrend.com Get exclusive, actionable insight into how the market is expected to trend prior to market open with our free morning newsletter. Sign up at: http://www.MySmarTrend.com/signup

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