Wells Fargo (WFC) Breaks Through Support at $33.31

Jul 05, 2012 (SmarTrend(R) News Watch via COMTEX) -- Shares of Wells Fargo (NYSE:WFC) have bearishly opened below the pivot of $33.52 today and have reached the first support level of $33.31. Investors may be interested in a cross of the next downside pivot targets of $33.15 and $32.78.

Wells Fargo share prices have moved between a 52-week high of $34.59 and a 52-week low of $22.58 and are now trading 47% above that low price at $33.26 per share. Over the past week, the 200-day moving average (MA) has gone up 0.4% while the 50-day MA has remained constant.

Wells Fargo has overhead space with shares priced $33.26, or 12.3% below the average consensus analyst price target of $37.94. Wells Fargo shares have support at the 50-day moving average (MA) of $32.34 and additional support at the 200-day MA of $29.55.

SmarTrend recommended that subscribers consider buying shares of Wells Fargo on June 18th, 2012 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $32.47. Since that recommendation, shares of Wells Fargo have risen 3.1%. 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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