Stock of the day: Wayfair

By Tomasz Wisniewski|

Published: June 20 2024, 08:28 GMT+0

Stock of the day: Wayfair

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As American traders return after Wednesday’s break, we turn our attention to Wayfair, which presents an intriguing trading opportunity. Since September 2023, Wayfair’s price has formed an ascending channel, essentially a flag within a larger downtrend. Currently, the price is testing the lower boundary of this formation, with three consecutive bearish days indicating sellers are poised for a potential breakout.

If the price closes below the red line today, it would confirm a sell signal. However, history shows that merely testing this support isn’t enough; in late April, the price spent five days at this level before a bullish gap led to an upswing. Therefore, while the current pressure on support is significant, a definitive sell signal requires a clear breakout. Conversely, a strong bounce, such as a bullish candle or gap, would indicate a mid-term buy opportunity.

Source: https://www.axiory.com/analytics/stock-of-the-day/stock-of-the-day-wayfair

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