Wells Fargo shares fall a second straight session on Monday, holding ordered by the OSHA to rehire former bank manager

On April 3rd the Labor Departments Occupational Safety and Health Administration (OSHA) said it had ordered Wells Fargo & Company (WFC) to rehire a former bank manager, who left the group seven years ago, and to pay back wages, compensatory damages and attorneys fees at a total amount of $5.4 million. The holding is intending to request a full hearing on the OSHA decision, but however, such a procedure will not suspend the initial order for reinstatement.

Wells Fargo shares closed lower for a second straight trading session on Monday. The stock edged down 0.31% ($0.17) to $55.49, after touching an intraday low at $54.79, or a price level not seen since March 27th ($54.24). In the week ended on April 2nd the shares of the bank holding company lost 0.30% of their market value compared to a week ago, which marked a fourth consecutive period of decline. The stock has retreated 0.31% so far during the current month, following a 3.84% slump in March. The latter has been the first monthly drop since September 2016. For the entire past year, the shares of the NYSE-listed holding company gained 1.38%.

According to the OSHA, the manager, who remained anonymous, was abruptly forced to leave a Wells Fargo branch in Los Angeles in 2010, after informing his superiors that he suspected two of his subordinates of conducting bank, mail and wire fraud. The person was reported to have contacted Wells Fargos ethics hot line as well.

The OSHA also said the managers job performance had been previously praised. However, in 2010, he was given a 90-day period to find a new role within the bank, following his dismissal as a manager. Not being able to do so, the person was laid off. According to the OSHA, he has not been employed within the banking industry since then.

“We take seriously the concerns of current and former team members. This decision is a preliminary order and to date there has been no hearing on the merits of this case. We disagree with the findings and will be requesting a full hearing of the matter”, Vince Scanlon, a spokesperson for Wells Fargo, said, 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 – $55.58
R2 – $55.68
R3 (Range Resistance – Sell) – $55.77
R4 (Long Breakout) – $56.06
R5 (Breakout Target 1) – $56.39
R6 (Breakout Target 2) – $56.53

S1 – $55.40
S2 – $55.30
S3 (Range Support – Buy) – $55.21
S4 (Short Breakout) – $54.92
S5 (Breakout Target 1) – $54.59
S6 (Breakout Target 2) – $54.45

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

Central Pivot Point – $55.44
R1 – $56.65
R2 – $57.63
R3 – $58.84
R4 – $60.04

S1 – $54.46
S2 – $53.25
S3 – $52.27
S4 – $51.28