Wayfair Inc Stock Forecast
On Thursday, Wayfair Inc stock price gained an impressive 16.05%
(Updated on May 02, 2024)
The Wayfair Inc stock price gained 16.05% on the last trading day (Thursday, 2nd May 2024), rising from $50.53 to $58.64. During the last trading day the stock fluctuated 8.46% from a day low at $55.32 to a day high of $60.00. The price has been going up and down for this period, and there has been a 7.12% gain for the last 2 weeks. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 8 million more shares were traded than the day before. In total, 14 million shares were bought and sold for approximately $825.68 million.
The stock lies in the middle of a very wide and weak rising trend in the short term and a further rise within the trend is signaled. Given the current short-term trend, the stock is expected to rise 6.87% during the next 3 months and, with a 90% probability hold a price between $53.75 and $74.42 at the end of this 3-month period.
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W Signals & Forecast
A buy signal was issued from a pivot bottom point on Tuesday, April 30, 2024, and so far it has risen 16.93%. Further rise is indicated until a new top pivot has been found. Volume is rising along with the price. This is considered to be a good technical signal. Some negative signals were issued as well, and these may have some influence on the near short-term development. The Wayfair Inc stock holds a buy signal from the short-term Moving Average; at the same time, however, the long-term average holds a general sell signal. Since the longterm average is above the short-term average there is a general sell signal in the stock giving a more negative forecast for the stock. On further gains, the stock will meet resistance from the long-term Moving Average at $59.69. On a fall, the stock will find some support from the short-term average at $52.34. A break-up through the long-term average will give another buy signal, while a fall below the short-term average will add another sell signal and strengthen the general signal. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD).
Support, Risk & Stop-loss for Wayfair Inc stock
On the downside, the stock finds support just below today's level from accumulated volume at $55.35 and $54.04. There is a natural risk involved when a stock is testing a support level, since if this is broken, the stock then may fall to the next support level. In this case, Wayfair Inc finds support just below today's level at $55.35. If this is broken, then the next support from accumulated volume will be at $54.04 and $52.01.
This stock may move much during the day (volatility) and with a large prediction interval from the Bollinger Band this stock is considered to be "high risk". During the last day, the stock moved $4.68 between high and low, or 8.46%. For the last week, the stock has had daily average volatility of 6.31%.
Our recommended stop-loss: $56.26 (-4.06%) (This stock has high daily movements and this gives high risk. There is a buy signal from a pivot bottom found 2 days ago.)
Trading Expectations (W) For The Upcoming Trading Day Of Friday 3rd
For the upcoming trading day on Friday, 3rd we expect Wayfair Inc to open at $57.99, and during the day (based on 14 day Average True Range), to move between $55.00 and $62.28, which gives a possible trading interval of +/-$3.64 (+/-6.21%) up or down from last closing price. If Wayfair Inc takes out the full calculated possible swing range there will be an estimated 12.42% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $59.84 (2.05%) than the support at $55.35 (5.61%), our systems don't find the trading risk/reward intra-day attractive and any bets should be held until the stock is closer to the support level.
Is Wayfair Inc stock A Buy?
Wayfair Inc holds several positive signals, but we still don't find these to be enough for a buy candidate. At the current level, it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development.
Current score: 0.671 Hold/Accumulate Unchanged
Predicted Opening Price for Wayfair Inc of Friday, May 3, 2024
Fair opening price May 3, 2024 | Current price |
---|---|
$57.99 ( 1.11%) | $58.64 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for W
Fibonacci Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 62.67 | 6.87 % | |
R2 | 60.88 | 3.82 % | ||
R1 | 59.77 | 1.93 % | ||
Current price: | 58.64 | |||
Support | S1 | 56.20 | -4.16 % | |
S2 | 55.09 | -6.05 % | ||
S3 | 53.31 | -9.10 % |
Accumulated Volume Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 67.59 | 15.26 % | |
R2 | 61.73 | 5.27 % | ||
R1 | 59.84 | 2.05 % | ||
Current price | 58.64 | |||
Support | S1 | 55.35 | -5.61% | |
S2 | 54.04 | -7.84% | ||
S3 | 52.01 | -11.31% |
FAQ
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