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

By Shiri Gupta

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 $110.10 and $112.81 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 $55.33 and a high of $114.02 and are now at $111.30, 101% above that low price. Over the last five market days, the 200-day moving average (MA) has gone up 0.8% while the 50-day MA has advanced 3.3%.

Wayfair Inc- A (NYSE:W) is currently priced 23.6% above its average consensus analyst price target of $85.05. The stock should discover initial support at its 50-day moving average (MA) of $83.90 and subsequent support at its 200-day MA of $78.32.

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.

SmarTrend recommended that subscribers consider buying shares of Wayfair Inc- A on May 3rd, 2018 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $75.06. Since that recommendation, shares of Wayfair Inc- A have risen 51.6%. We continue to monitor W for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish inside day candle wayfair inc- a

Ticker(s): W