Wells Fargo shares gain a second straight session on Friday, holding forms an artificial intelligence team

Wells Fargo & Company (WFC) was reported to have formed a team focused on development of artificial intelligence-based technology in a continuing effort to firm its digital presence. The team, which is to be led by Steve Ellis, the head of Wells Fargos innovation division, will be engaged in developing tech solutions, with which the financial holding will be able to offer more personalized customer service.

Wells Fargo shares closed higher for a second straight session on Friday. The stock edged up 0.23% ($0.13) to $56.86, after touching a daily high at $57.04, or a level not seen since February 7th ($57.19). In the week ended on February 12th the shares of the bank holding company lost 0.72% of their market value compared to a week ago, which marked the first drop in the past three weeks and also the worst performance since the week ended on January 1st. The stock has trimmed its advance to 0.94% so far during the current month, following a 2.21% surge in January. The latter has been a fourth straight month of gains, but yet, the smallest increase since last July. For the entire 2016, the shares of the NYSE-listed holding company gained 1.38%.

Lenders with leading positions worldwide have been investing heavily in AI projects, able to perform a variety of tasks ranging from payment fraud detection to more personal offers on financial products to customers.

In addition, Wells Fargo said that Danny Peltz, the head of treasury, merchant and payment solutions, had been appointed to oversee business development and strategy for the banks combined payments businesses. The group encompasses Wells Fargos consumer, small business, commercial and corporate banking payments divisions. It will also lead Wells Fargos new application program interface services, a tech solution, which enables clients to integrate the banks products and services into their own applications.

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 – $56.89
R2 – $56.93
R3 (Range Resistance – Sell) – $56.96
R4 (Long Breakout) – $57.07
R5 (Breakout Target 1) – $57.19
R6 (Breakout Target 2) – $57.24

S1 – $56.83
S2 – $56.79
S3 (Range Support – Buy) – $56.76
S4 (Short Breakout) – $56.65
S5 (Breakout Target 1) – $56.53
S6 (Breakout Target 2) – $56.48

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

Central Pivot Point – $56.48
R1 – $57.79
R2 – $58.73
R3 – $60.04
R4 – $61.36

S1 – $55.54
S2 – $54.23
S3 – $53.29
S4 – $52.36