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Possible Bearish Inside Day Candle Pattern Detected for Wayfair Inc- A (NYSE:W)

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Wayfair Inc- A (NYSE:W) based on the price action in the company's shares. Today's price range of $113.63 and $115.18 is within yesterday's high and low of the day. This trading action often signifies indecision by bulls and bears to drive prices higher or lower and often implies a possible change in trend. Owners of Wayfair Inc- A may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

In the past 52 weeks, Wayfair Inc- A share prices have been bracketed by a low of $76.60 and a high of $173.72 and are now at $113.80, 49% above that low price. In the last five trading sessions, the 50-day moving average (MA) has fallen 2.4% while the 200-day MA has risen 0.2%.

Wayfair, Inc. retails household goods online. The Company offers bedroom, living room, kitchen and dining, home entertainment, home office, game room and bar, patio, hallway and entryway, and bathroom furniture. Wayfair offers products and services in the United States.

Based on a current price of $113.80, Wayfair Inc- A is currently 25.3% above its average consensus analyst price target of $85.05. The stock should find initial resistance at its 200-day moving average (MA) of $130.61 and further resistance at its 50-day MA of $138.13.

SmarTrend recommended that its subscribers protect gains by selling shares of Wayfair Inc- A on July 26th, 2019 by issuing a Downtrend alert when the shares were trading at $135.75. Since that call, shares of Wayfair Inc- A have fallen 13.7%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bearish inside day candle wayfair inc- a

Ticker(s): W