Benzinga - If history is any guide, there may be good fortune ahead for shares of Wells Fargo (NYSE:WFC). A so-called "golden cross" has formed on its chart and, not surprisingly, this could be bullish for the stock.
What To Know: Many traders use moving average crossover systems to make their decisions.
When a shorter-term average price crosses above a longer-term average price, it could mean the stock is trending higher. If the short-term average price crosses below the long-term average price, it means the trend is lower.
Why It's Important: The 50-day and the 200-day simple moving averages are commonly used.
The golden cross occurs when the 50-day crosses above the 200-day. This could mean the long-term trend is changing.
That just happened with Wells Fargo, which is trading around $42.73 at publication time.
Remember: Seasoned investors don't blindly trade Golden Crosses.
Instead, they use it as a signal to start looking for long positions based on other factors, like price levels and company fundamentals & events.
For seasoned investors, this is just a sign that it might be time to start considering possible long positions.
With that in mind, take a look at Wells Fargo's past and upcoming earnings expectations:
QuarterQ3 2022Q2 2022Q1 2022Q4 2021EPS Estimate | 1.09 | 0.86 | 0.81 | 1.12 |
EPS Actual | 0.85 | 0.74 | 0.88 | 1.38 |
Revenue Estimate | 18.77B | 17.60B | 17.81B | 18.78B |
Revenue Actual | 19.50B | 17.03B | 17.59B | 20.86B |
Also consider this overview of Wells Fargo analyst ratings:
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This article was generated by Benzinga's automated content engine and reviewed by an editor.
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