Wells Fargo shares extend gains on Friday, consumer checking account openings drop in November, the bank’s report shows

December 19, 2016 9:13 am

Monthly client account openings at Wells Fargo continued to decrease in November, which has been another piece of evidence for the lender’s shaken reputation following the sales scandal. According to a report released Friday, there also were fewer customer interactions and debit card transactions last month.

Wells Fargo shares closed higher on Friday to mark their 8th gain in the past 12 trading sessions and also a second consecutive one. The stock edged up 0.27% ($0.15) to $55.34, with the daily high and the daily low being at $55.65 and $54.92 respectively. In the week ended on December 18th Wells Fargo shares lost 3.15% of their value compared to a week ago, which marked their worst weekly performance since the week ended on November 6th. However, the stock has extended its advance to 4.57% so far during the current month, after climbing 15.02% in November. The latter has been the stock’s best performance since May 2009. Back then Wells Fargo shares jumped 27.44%.

Figures reported by the NYSE-listed financial institution revealed a 9% drop in consumer checking account openings in November compared to October and a 41% slump in comparison with November 2015. In October the bank reported another 27% decrease in account openings from a month ago.

“In the near term, we still have a lot of work to do to rebuild trust,” Mary Mack, the head of Wells Fargo’s community banking business, said on a call with analysts, cited by Reuters.

As Wells Fargo shifts the focus on customer service and intends to reveal a new compensation plan next month, an overall improvement can be expected, according to the bank’s spokesperson.

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 – $55.41
R2 – $55.47
R3 (Range Resistance – Sell) – $55.54
R4 (Long Breakout) – $55.74
R5 (Breakout Target 1) – $55.98
R6 (Breakout Target 2) – $56.08

S1 – $55.27
S2 – $55.21
S3 (Range Support – Buy) – $55.14
S4 (Short Breakout) – $54.94
S5 (Breakout Target 1) – $54.70
S6 (Breakout Target 2) – $54.60

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

Central Pivot Point – $55.49
R1 – $56.95
R2 – $58.56
R3 – $60.02
R4 – $61.48

S1 – $53.88
S2 – $52.42
S3 – $50.81
S4 – $49.20

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