Traderherz-Analytics

Trading Idea - #Wayfair

Long
NYSE:W   Wayfair Inc
#Wayfair : BUY LIMIT
Entry: 171.54 USD
Target: 293.50 USD (profit 70%)
Stop: 125.00 USD

Number 1 most shorted stock with an attractive price chart is e-commerce home goods company Wayfair .

Wayfair shares have a short interest of around 22.5%.

Surprisingly, Wayfair shares have lost 50% of their valuation after hitting an all-time high in January.

From a technical perspective, we are in a correction that has been going on for a full year and we are coming into a key support area at around $150-$200.

Supported by the Covid-related 50% and 62% Fibonacci levels, the previous all-time high and the broken uptrend line in April 2020, there are enough reasons to be positive on the price chart.

I would buy the share if a bottom is confirmed in the daily chart .
Trade closed: stop reached

http://www.traderherz.com - Algo Trading and Analysis
Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.