W appears to be at low risk areas for a possible long as it finds itself at the lower range of a bullish ascending triangle pattern.
We of course want to play the breakout of this but in the meantime if the green trendline continues to hold, longs in this area could make for a good trade before the top of the triangle gets tested.
So far it is still holding.
The open of the new trading week on Monday will be telling. Keep an eye on the weekly of this to see if the opening candle of Wayfair next week opens above or below the trendline.
But as of now a long is not a bad idea with a stop loss at 299.16.
We of course want to play the breakout of this but in the meantime if the green trendline continues to hold, longs in this area could make for a good trade before the top of the triangle gets tested.
So far it is still holding.
The open of the new trading week on Monday will be telling. Keep an eye on the weekly of this to see if the opening candle of Wayfair next week opens above or below the trendline.
But as of now a long is not a bad idea with a stop loss at 299.16.
