Will Q1 earnings help Wells Fargo push higher?
Fiona Cincotta April 13, 2021 5:08 PM
Wells Fargo & Co are due to report 14th April ahead of the open. EPS $0.68 expected on $17.5 billion revenue. The stock trades just shy of its post pandemic high.
Wells Fargo is due to report ahead of the market open on April 14th.
Wells Fargo & Co is expected to report Q1 earnings which show a continuation of the stabilising trend which was seen in Q4. Revenue weakness from softer loan demand and weaker net interest margins are expected to be offset by the release of loan loss reserves, by cost controls and momentum in the capital markets.
Expectations are for EPS $0.68 up from $0.01 in the same period a year earlier.
Revenue is expected to be $17.5 billion, down 1.5% from the previous quarter.
Wells Fargo trades within an ascending channel since mid October. It also trades above its 20 & 50 EMA on the daily chart in an established bullish trend.
The Wells Fargo share price trades in the middle of the ascending channel with several long tailed candlesticks implying there could be more upside.
Immediate resistance at 41.50 the post pandemic high. Beyond here 44.00 comes into focus the low in 2019.
Support can be seen at 20 EMA 39.40 and 37.80 the 50 EMA and lower band of the ascending channel.
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