Well Fargo & Co - 4 Hourly

Wells Fargo is expected to report earnings of $1.12 on revenue of $20.12bn (Friday 14th). At present, it's stock is trading at around $38.03 a share.

From a technical aspect, Wells Fargo’s shares are currently trading at around $38.03 a share. Looking at the 4-hourly timeframe, we can see that the price is fairly rangebound between $35.25 and $38.95. Similar to JPMorgan and Citigroup, WF is expected to report earnings this Friday and the price should in theory remain rangebound until the earnings are released. A positive report could see a test of resistance sitting at $38.03 (upper trendline of the channel), a break and close above this level may see the price head higher towards the $40 mark. On the other hand, a negative report could see the price fall towards the major support sitting at $35.25. A break and close below this support level may see a further slide as low as $34 a share. Looking at the indicators, MACD is positive and so is RSI as it reads 62. Though the indicators are currently positive, investors should remain cautious when trading.