Tuesday, 16 September 2014

U.S. stock pick of the day : WELLS FARGO & CO NEW

Recommendation    : Buy above $52.30
Target                     : $54.50

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Wells Fargo & Co is overall in bullish trend and is sustaining at higher levels on chart. Traders can buy the stock above the level of $52.30 which is a near term resistance level for the stock, and if it manages to breach this level further bullish movement is expected in this stock to test the levels of $54.50.


Stock is in bullish trend for near term and price is sustaining above the trend line, with inverse Head and Shoulder pattern and good consolidation on daily intraday chart. Near term breach of resistance level of $52.30 is expected, which would trigger bullish sentiment in the stock to test the levels of $54.50.


RSI is trading with positive bias and is sustaining above the level of 50.
In MACD, signal line is sustaining above MACD line which  is indicating bullish sentiment in the stock.