Stock Of The Day: Regretful Sellers Rebuy Their Wells Fargo Shares (UPDATED)
Portfolio Pulse from Mark Putrino
Wells Fargo & Company (NYSE:WFC) is experiencing a phenomenon known as seller's remorse, where traders who sold shares early are buying them back as the stock price rises. This has turned previous resistance levels into support, as seen at the $46.80 and $51.20 price points.
September 13, 2024 | 4:04 pm
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Wells Fargo's stock is experiencing a classic case of seller's remorse, where traders who sold early are buying back shares, creating support at previous resistance levels. This indicates a bullish sentiment and potential for further price increases.
The article highlights a common market behavior where previous resistance levels become support due to traders buying back shares they regret selling. This behavior suggests a bullish sentiment for Wells Fargo, as the stock has broken through resistance levels at $46.80 and $51.20, indicating potential for further price increases.
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