Wells Fargo shares gain for a second straight session on Friday, the bank apologizes for latest client account issues

In a tweet on Friday Wells Fargo apologized to clients who were experiencing bank account issues, after the lender received a multitude of complaints on social media platforms that alleged mobile deposits failed to work or checks failed to clear. The Wall Street bank, however, did not comment on the type and extent of account problems, which its clients reported.

Wells Fargo shares closed higher for a second consecutive trading session in New York on Friday. The stock went up 0.55% ($0.32) to $58.63, after touching an intraday high at $58.90, or a price level not seen since March 1st ($58.94).

Shares of Wells Fargo & Company have retreated 3.36% so far in 2018 compared with a 5.43% gain for the underlying index, S&P 500 (SPX).

In 2017, Wells Fargo’s stock surged 10.09%, thus, it again underperformed the S&P 500, which registered a 19.42% return.

“We apologize to our customers who may be experiencing an issue with certain types of transactions”, Wells Fargo said in a post on Twitter, cited by Reuters.

“Thanks for your patience while we research this issue. If you are impacted, please check back here for updates.”

According to CNN Money, the 29 analysts, offering 12-month forecasts regarding Wells Fargo’s stock price, have a median target of $63.00 with a high estimate of $70.00 and a low estimate of $50.00. The median estimate represents a 7.45% upside compared to the closing price of $58.63 on July 27th.

The same media also reported that 14 out of 31 surveyed investment analysts had rated Wells Fargo’s stock as “Buy”, while 11 – as “Hold”. 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 – $58.70
R2 – $58.77
R3 (Range Resistance – Sell) – $58.83
R4 (Long Breakout) – $59.04
R5 (Breakout Target 1) – $59.27
R6 (Breakout Target 2) – $59.38

S1 – $58.56
S2 – $58.49
S3 (Range Support – Buy) – $58.43
S4 (Short Breakout) – $58.22
S5 (Breakout Target 1) – $57.99
S6 (Breakout Target 2) – $57.88

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

Central Pivot Point – $57.94
R1 – $59.59
R2 – $60.54
R3 – $62.19
R4 – $63.83

S1 – $56.99
S2 – $55.34
S3 – $54.39
S4 – $53.43