What's Going On With Wells Fargo Stock Monday?

Wells Fargo & Co. (NYSE:WFC) stock edged higher Monday, showing relative strength as the broader market declined. The stock rose 0.16% to $90.43, while the Nasdaq fell 1.26% and the S&P 500 dropped 0.56%.

Wells Fargo’s gain stands out against a weaker market backdrop. The move suggests investors are holding on to large financial stocks as risk appetite cools.

Rather than signaling a breakout, Monday’s action points to relative strength. Investors may also be favoring large, liquid banks during a volatile session.

Wells Fargo Expands Mobile Banking

Separately, Wells Fargo said Monday it launched ExpressSend Mobile nationwide, allowing customers to make international money transfers through the Wells Fargo Mobile app.

The service lets customers send money to bank accounts or cash pickup locations in 12 countries. These include Mexico, India, the Philippines and Vietnam.

Customers can also track transfers, manage recipients and view exchange rates and fees before sending money. Wells Fargo will waive the fee on a customer’s first ExpressSend transaction.

The bank said it is the only major U.S. bank offering a dedicated mobile remittance service.

Technical Analysis

WFC remains in a constructive technical setup. The stock trades 3.1% above its 20-day simple moving average of $87.20 and 3.2% above its 50-day SMA of $87.17.

It is also 7.6% above its 100-day SMA of $83.57 and 5.6% above its 200-day SMA of $85.14.

The 20-day SMA remains above the 50-day average. In addition, the 50-day SMA crossed above the 200-day SMA in August, forming a bullish golden cross.

Momentum also remains positive. The MACD is above its signal line, while the histogram is positive. That suggests buying momentum has improved.

WFC faces resistance near $95.50, followed by its 52-week high of $97.76. Support sits near $83.50.

Wells Fargo Analyst Outlook

The stock carries a Buy consensus rating, with an average price forecast of $97.79.

JPMorgan raised its price forecast to $95.50 while maintaining a Neutral rating on July 29. Baird raised its forecast to $92 with a Neutral rating on July 15. Keefe, Bruyette & Woods lowered its forecast to $94 and maintained a Market Perform rating that same day.

Benzinga Edge Rankings

WFC has a Benzinga Edge Momentum score of 72.45, signaling relatively strong price momentum. Its Quality score is 36.07, while its Growth score stands at 44.54.

Overall, the rankings point to a momentum-driven setup, while fundamental growth and quality remain more moderate.

Wells Fargo Price Action

Wells Fargo shares were up 0.16% at $90.43 at the time of publication Monday, according to Benzinga Pro data.

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