Wells Fargo shares rebound on Tuesday, no more advance notice of inspections for holding’s branches

According to a January 24th statement by a spokesperson for Wells Fargo & Company (WFC), the holding is to discontinue policy involving notification of its branches one day before an internal inspection occurs.

Wells Fargo shares closed higher on Tuesday, rebounding after a 1.49% slump during the prior trading session. The stock went up 0.83% ($0.45) to $54.70, with the daily high and the daily low being at $55.07 and $54.13 respectively. In the week ended on January 22nd the shares of the bank holding company lost 0.43% of their market value compared to a week ago, which marked the third drop in the past four weeks. However, the stock has pared its slump to 0.74% so far during the current month, after rising 4.14% in December. The latter has been a third straight month of advance. For the entire 2016, the shares of the NYSE-listed holding company gained 1.38%.

The Wall Street Journal had already reported on this practice of advance notification at Wells Fargo, which allowed its employees a time window to conceal doubtful sales practices by destroying documents and fabricating signatures.

Mary Eshet, a spokesperson for Wells Fargo, acknowledged that the bank holding would discontinue such a practice. However, she did not respond immediately to the statements published in the Wall Street Journal.

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 – $54.79
R2 – $54.87
R3 (Range Resistance – Sell) – $54.96
R4 (Long Breakout) – $55.22
R5 (Breakout Target 1) – $55.52
R6 (Breakout Target 2) – $55.65

S1 – $54.61
S2 – $54.53
S3 (Range Support – Buy) – $54.44
S4 (Short Breakout) – $54.18
S5 (Breakout Target 1) – $53.88
S6 (Breakout Target 2) – $53.75

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

Central Pivot Point – $54.51
R1 – $55.67
R2 – $56.28
R3 – $57.44
R4 – $58.61

S1 – $53.90
S2 – $52.74
S3 – $52.13
S4 – $51.53