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

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Wayfair Inc- A (NYSE:W) based on the price action in the company's shares. Yesterday's price range of $83.78 and $85.60 is within the prior day'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. Traders and investors interested in shares of Wayfair Inc- A may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Wayfair, Inc. retails household goods. 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.

Wayfair Inc- A (NYSE:W) is currently priced 0.6% above its average consensus analyst price target of $85.05. The stock should run into initial resistance at its 50-day moving average (MA) of $92.09 and subsequent resistance at its 200-day MA of $129.28.

Over the past year, Wayfair Inc- A has traded in a range of $78.59 to $173.72 and closed yesterday at $85.54, 9% above that low. In the last five trading sessions, the 50-day moving average (MA) has fallen 1.2% while the 200-day MA has slid 0.9%.

SmarTrend recommended that its subscribers protect gains by selling shares of Wayfair Inc- A on October 29th, 2019 by issuing a Downtrend alert when the shares were trading at $104.51. Since that call, shares of Wayfair Inc- A have fallen 20.0%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bullish am inside day candle wayfair inc- a

Ticker(s): W