Wells Fargo shares gain the most in five weeks on Wednesday, a larger number of clients may be affected by sales scandal, filing reveals

According to a March 1st regulatory filing by Wells Fargo & Company (WFC), a larger number of clients may have been impacted by last years sales scandal than previously claimed. Up to 2.1 million clients may have found themselves having deposit and credit card accounts created in their names without authorization during the course of several years, a previous estimate by Wells Fargo had shown.

Wells Fargo shares registered their largest daily surge since January 25th during Wednesdays trading session. The stock went up 3.20% ($1.85) to $59.73, after touching an intraday high of $59.99 and also the highest price level ever recorded. In the week ended on February 26th the shares of the bank holding company lost 0.48% of their market value compared to a week ago, which marked the third drop in the past seven weeks. The stock has advanced 3.20% so far during the current month, following a 2.75% surge in February. The latter has been a fifth straight month of gains. For the entire past year, the shares of the NYSE-listed holding company gained 1.38%.

The review of unauthorized accounts has been expanded to a larger period of time – between 2009 and September 2016. Wells Fargo said that its findings might cause more legal or regulatory proceedings, as well as reputational damage and other negative consequences.

An annual 10-K filing by the financial group with the US Securities and Exchange Commission also stated that ongoing analysis of customer data might reveal an increase in the number of affected clients.

According to a separate filing by the San Francisco-based bank, the findings of the review are to be disclosed prior to its April 25th annual meeting.

Last September the financial holding company agreed to pay $185 million in order to settle charges related to the scandal. In addition, an array of federal and state investigations was triggered, 5 300 Wells Fargo branch employees were laid off, while the group’s former CEO John Stumpf resigned.

Daily and Weekly Pivot Levels

With the help of the Camarilla calculation method, today’s levels of importance for the Wells Fargo stock are presented as follows:

R1 – $59.81
R2 – $59.90
R3 (Range Resistance – Sell) – $59.98
R4 (Long Breakout) – $60.23
R5 (Breakout Target 1) – $60.51
R6 (Breakout Target 2) – $60.64

S1 – $59.65
S2 – $59.57
S3 (Range Support – Buy) – $59.48
S4 (Short Breakout) – $59.24
S5 (Breakout Target 1) – $58.95
S6 (Breakout Target 2) – $58.82

By using the traditional method of calculation, the weekly levels of importance for Wells Fargo & Company (WFC) are presented as follows:

Central Pivot Point – $57.92
R1 – $58.52
R2 – $59.23
R3 – $59.83
R4 – $60.43

S1 – $57.21
S2 – $56.61
S3 – $55.90
S4 – $55.19