TMCNet:  Wells Fargo (WFC) Crosses Pivot Point Resistance at $35.29

[January 29, 2013]

Wells Fargo (WFC) Crosses Pivot Point Resistance at $35.29

Jan 29, 2013 (SmarTrend(R) News Watch via COMTEX) -- Shares of Wells Fargo (NYSE:WFC) opened today above their pivot of $35.07 and have already reached the first level of resistance at $35.29. Should the shares continue to rise, the resistance pivots of $35.47 and $35.87 will be of interest.


Wells Fargo share prices have moved between a 52-week high of $36.60 and a 52-week low of $28.98 and are now trading 21% above that low price at $35.15 per share. The 200-day and 50-day moving averages have moved 0.08% higher and 0.51% higher over the past week, respectively.

Wells Fargo (NYSE:WFC) has potential upside of 10.6% based on a current price of $35.15 and analysts' consensus price target of $38.86. The stock should find initial support at its 50-day moving average (MA) of $33.92 and further support at its 200-day MA of $33.60.

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 4.4%. 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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