The Hourly View for W
Currently, W’s price is down $-0.65 (-0.22%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved up. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 100 hour timeframe. Price action traders may also wish to note that we see a pin bar candlestick pattern on W. Given that we see an uptrend on the 20 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting. Of note is that the 200 and 50 hour changed directions on W; they are now pointing down. The moving averages on the hourly timeframe suggest a choppiness in price, as the 20, 50, 100 and 200 are all in a mixed alignment — meaning the trend across timeframes is inconsistent, indicating a potential opportunity for rangebound traders.
W’s Technical Outlook on the Daily Chart
Currently, W’s price is up $5.51 (2.07%) from the day prior. It’s been a feast for bears operating on the daily timeframe, as W has now gone down 4 of the past 5 days. As for the trend on the daily timeframe, we see the clearest trend on the 20 day timeframe. The moving averages on the daily timeframe suggest a choppiness in price, as the 20, 50, 100 and 200 are all in a mixed alignment — meaning the trend across timeframes is inconsistent, indicating a potential opportunity for rangebound traders. Wayfair Inc’s price action over the past 90 days can be seen via the chart below.
For W News Traders
News traders keeping an eye on W may find value in this recent story:
The Wayfair Black Friday 2020 preview event is here with some of the biggest early Black Friday deals on furniture and décor you won’t want to miss—details.
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