Call Option Suggested In Wells Fargo – Signals Encouraging In Banking Sector
Jul, 15th 10:33
Wells Fargo & Co. is due to release its second quarter financials report in pre-market hours on Friday (14/7). The nation’s top mortgage lender is expected to report EPS of $1.01, down 2% from a figure of $1.03 a year ago. The bank’s revenue is projected to climb 4% to $22.17 billion.
Before the opening bell on Thursday (14/7), JPMorgan Chase, the first bank to publish Q2 earnings after the U.K.’s EU referendum, posted better-than-expected second quarter results. The report was considered a positive signal for the entire US Banking sector, including Wells Fargo, whose shares jumped noticeably by 1.31% to test the resistance level at $49.09 in early trading.
On the hourly chart, the price is moving in a narrow range after hitting the resistance at 49.90. The parabolic SAR is still beneath the price movement, helping consolidate the solid uptrend.
Buy Digital Call Option from 48.75 to 49.50 valid until 20:00 July 15, 2016
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