Wells Fargo shares gain for a third session in a row on Friday, group dismisses foreign-exchange bankers

According to people with knowledge of the situation, cited by the Wall Street Journal, Wells Fargo & Company (WFC) has dismissed four foreign-exchange bankers, as that business is currently under investigation by regulatory authorities. Reports stated that a senior salesman and traders employed with Wells Fargos securities business in San Francisco and Charlotte had been fired.

Wells Fargo’s shares closed higher for a third consecutive trading session on Friday. It has also been the sharpest daily surge since September 11th. The stock went up 2.18% ($1.17) to $54.92, after touching an intraday high at $55.07, or a price level not seen since October 12th ($55.71).

In the week ended on October 22nd the shares of the third-largest US bank by assets added 2.29% to their market value compared to a week ago, which marked the fifth gain in six weeks and also the steepest one since the week ended on September 24th.

The stock has pared its loss to 0.42% so far during the current month, following a 7.99% surge in September. The latter has been the first gain out of three months.

For the entire past year, the shares of the NYSE-listed bank holding company gained 1.38%. However, the stock has retreated 0.34% so far in 2017.

It has become clear that Bob Gotelli, head of the foreign exchange sales group, Simon Fowles, former global head of foreign exchange trading, Jed Guenther, who occupied a post in foreign exchange sales management and Michael Schaufler, chief spot dealer, are no longer part of Wells Fargos team.

Meanwhile, the foreign-exchange probe has also found issues in the groups investment-banking arm, the WSJ said.

According to CNN Money, the 29 analysts, offering 12-month forecasts regarding Wells Fargo’s stock price, have a median target of $60.00, with a high estimate of $67.00 and a low estimate of $35.00. The median estimate is a 9.25% surge compared to the closing price of $54.92 on October 20th.

The same media also reported that 16 out of 33 surveyed investment analysts had rated Wells Fargo’s stock as “Hold”, while 12 – as “Buy”. On the other hand, 3 analysts had recommended selling the stock.

Daily and Weekly Pivot Levels

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

R1 – $55.01
R2 – $55.11
R3 (Range Resistance – Sell) – $55.20
R4 (Long Breakout) – $55.48
R5 (Breakout Target 1) – $55.80
R6 (Breakout Target 2) – $55.95

S1 – $54.83
S2 – $54.73
S3 (Range Support – Buy) – $54.64
S4 (Short Breakout) – $54.36
S5 (Breakout Target 1) – $54.04
S6 (Breakout Target 2) – $53.89

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

Central Pivot Point – $54.35
R1 – $55.64
R2 – $56.37
R3 – $57.66
R4 – $58.96

S1 – $53.62
S2 – $52.33
S3 – $51.60
S4 – $50.88