Wells Fargo & Co (NYSE:WFC) Released Confidential Information

Wells Fargo & Co (NYSE:WFC) Released Confidential Information

Wells Fargo & Co (NYSE:WFC) Released Confidential Information

Wells Fargo & Co. accidentally released confidential information on tens of thousands of the bank’s wealth-advisory clients, the latest misstep for the firm as it works to recover from last year’s cross-selling scandal.

The information was released in response to a subpoena relating to a former employee’s defamation lawsuit against his brother, who is a current Wells Fargo adviser. The disclosure came to light after Aaron Zeisler, an attorney at Zeisler PLLC in New York representing Gary Sinderbrand, a former employee of Wells Fargo Advisors LLC, informed a Wells Fargo lawyer.

Wells Fargo & Company is a bank holding company. The Company is a diversified financial services company. It has three operating segments: Community Banking, Wholesale Banking, and Wealth and Investment Management. The Company offers its services under three categories: personal, small business and commercial. It provides retail, commercial and corporate banking services through banking locations and offices, the Internet and other distribution channels to individuals, businesses and institutions in all 50 states, the District of Columbia and in other countries. It provides other financial services through its subsidiaries engaged in various businesses, including wholesale banking, mortgage banking, consumer finance, equipment leasing, agricultural finance, commercial finance, securities brokerage and investment banking, computer and data processing services, investment advisory services, mortgage-backed securities servicing and venture capital investment.

Overall, the bias in prices is: Upwards.

Short term: Prices are stalling.

Intermediate term: Prices are ranging.

The projected upper bound is: 56.69.

The projected lower bound is: 53.51.

The projected closing price is: 55.10.

WELLS FARGO & CO closed up 0.790 at 55.060. Volume was 10% above average (neutral) and Bollinger Bands were 40% narrower than normal.

Open         High          Low          Close          Volume
55.000      55.405      54.910      55.060      20,167,836

Technical Outlook
Short Term: Neutral
Intermediate Term: Bullish
Long Term: Bullish

Moving Averages: 10-period        50-period       200-period
Close:                       54.86               53.76               53.83
Volatility:                15                     19                     25
Volume:                   15,619,171      17,143,764      21,021,820

Short-term traders should pay closer attention to buy/sell arrows while intermediate/long-term traders should place greater emphasis on the Bullish or Bearish trend reflected in the lower ribbon.

Summary

WELLS FARGO & CO gapped up today (bullish) on normal volume. Possibility of a Runaway Gap which usually signifies a continuation of the trend. Four types of price gaps exist – Common, Breakaway, Runaway, and Exhaustion. Gaps acts as support/resistance.
WELLS FARGO & CO is currently 2.3% above its 200-period moving average and is in an upward trend. Volatility is relatively normal as compared to the average volatility over the last 10 periods. Our volume indicators reflect volume flowing into and out of WFC at a relatively equal pace (neutral). Our trend forecasting oscillators are currently bullish on WFC and have had this outlook for the last 27 periods.

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John Heffernan

John Heffernan is a Junior Analyst at HEFFX. John is studying Economics and is a contributor on equities at Live Trading News.

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