(Finance) – The stock moves downwards Wells Fargo which shows a net loss of 6.88% on previous values.
The second quarter results, which show a Profit down by 1% to $4.91 billion, and revenues up 1% to $20.7 billion.
The fourth largest American bank by assets pays a 9% decrease in interest margin to 11.92 billion, lower than expected (12.12 billion). The decrease is due to the higher active interests paid by the bank to finance itself.
The technical scenario seen in one week of the title compared to the index S&P 100highlights a slowdown in the trend of American bank holding company compared to theS&P 100and this makes the stock a potential selling target for investors.
Strengthening signals for the short-term trend with more immediate resistance seen at 56.58 USD, with a support level controlling the current phase estimated at 55.53. The balanced bullish strength of Wells Fargo is supported by the upward crossing of the 5-day moving average on the 34-day moving average. For the technical implications assumed, we should see a continuation of the bullish phase towards 57.63.