Wells Fargo (WFC) Approaches New Downside Target of $32.80

Published on Wed, 02/09/2011 - 16:23
By Christie Duffy in business, down, exchange, finance, General Interest, market, profit, revenue, stock, trade, up, wfc, business, down, exchange, finance, market, profit, revenue, stock, trade, up, Market Movers
finance, trade, up, down, business, stock, market, exchange, profit, revenue

Shares of Wells Fargo (NYSE:WFC) opened today below their pivot of $33.85 and have already reached the first level of support at $33.45. Investors may be interested in a cross of the next downside pivot targets of $32.80 and $31.75.

A 13.9% potential upside exists for Wells Fargo, based on a current level of $33.09 and analysts' average consensus price target of $37.69. The stock should discover initial support at its 50-day moving average (MA) of $31.12 and subsequent support at its 200-day MA of $28.21.

By Christie Duffy
cduffy@fnno.com

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