Wells Fargo shares retreat the most in two months on Monday, applications for credit cards at the bank decrease in February

March 21, 2017 9:56 am

According to a March 20th statement by Wells Fargo & Company (WFC) new checking accounts and credit card requests at the bank decreased in February, with the latter being the sixth consecutive month of decline.

Wells Fargo shares registered their largest daily slump since January 17th on Monday, while also marking a second straight session of losses. The stock went down 1.77% ($1.04) to $57.63, after touching an intraday low at $57.62, or a price level not seen since February 24th ($57.32). In the week ended on March 19th the shares of the bank holding company lost 0.31% of their market value compared to a week ago, which marked a second consecutive period of decline. The stock has erased earlier gains and is now down 0.43% so far during the current month, following a 2.75% surge in February. The latter has been a fifth straight month of gains. For the entire past year, the shares of the NYSE-listed holding company gained 1.38%.

New checking accounts at the bank fell 3% in February from a month ago and 43% (0.3 million) compared to February a year earlier.

At the same time, new credit card requests dropped 4% in February compared to January and 55% compared to February 2016. The latter has been the sharpest annual rate of decline since the sales scandal at Wells Fargo’s retail branches emerged in September.

Total branch interactions were reported to have been 1% fewer in February from a month earlier and 11% fewer compared to February last year.

“It will take time for us to work through the changes we are making in our business, but we remain focused on strengthening our relationships with existing customers and building new ones with potential customers”, Mary Mack, the head of Wells Fargo’s retail banking division, said in the statement, cited by Reuters.

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 – $57.71
R2 – $57.79
R3 (Range Resistance – Sell) – $57.86
R4 (Long Breakout) – $58.10
R5 (Breakout Target 1) – $58.37
R6 (Breakout Target 2) – $58.48

S1 – $57.55
S2 – $57.47
S3 (Range Support – Buy) – $57.40
S4 (Short Breakout) – $57.16
S5 (Breakout Target 1) – $56.89
S6 (Breakout Target 2) – $56.78

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

Central Pivot Point – $58.77
R1 – $59.31
R2 – $59.94
R3 – $60.48
R4 – $61.01

S1 – $58.14
S2 – $57.60
S3 – $56.97
S4 – $56.33

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