Wayfair Inc Stock Forecast
Wayfair Inc stock price down 1.94% on Friday
(Updated on Apr 19, 2024)
The Wayfair Inc stock price fell by -1.94% on the last day (Friday, 19th Apr 2024) from $54.74 to $53.68. It has now fallen 6 days in a row. During the last trading day the stock fluctuated 3.70% from a day low at $52.70 to a day high of $54.65. The price has fallen in 7 of the last 10 days and is down by -15.08% for this period. Volume has increased on the last day by 365 thousand shares but on falling prices. This may be an early warning and the risk will be increased slightly over the next couple of days. In total, 3 million shares were bought and sold for approximately $172.00 million.
The stock has broken the very wide and strong rising short-term trend down. This signalizes a slower rate of rising, but may also be an early warning about a possible trend shift. Due to the trend being broken there will now be resistance at the bottom line of the trend at $56.34. A reaction back to this level may hold a second chance to get out before further falls.
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W Signals & Forecast
There are few to no technical positive signals at the moment. The Wayfair Inc stock holds sell signals from both short and long-term Moving Averages giving a more negative forecast for the stock. Also, there is a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections up, there will be some resistance from the lines at $56.86 and $61.67. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Thursday, March 28, 2024, and so far it has fallen -20.92%. Further fall is indicated until a new bottom pivot has been found. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD). Volume rose on falling prices yesterday. This may be an early warning and the stock should be followed more closely.
Support, Risk & Stop-loss for Wayfair Inc stock
Wayfair Inc finds support from accumulated volume at $52.56 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
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 $1.95 between high and low, or 3.70%. For the last week, the stock has had daily average volatility of 5.39%.
Wayfair Inc is oversold on RSI14 (22). Some stocks may drop long and hard while being oversold on RSI before turning, which increases the general risk.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (W) For The Upcoming Trading Day Of Monday 22nd
For the upcoming trading day on Monday, 22nd we expect Wayfair Inc to open at $53.68, and during the day (based on 14 day Average True Range), to move between $50.54 and $56.82, which gives a possible trading interval of +/-$3.14 (+/-5.86%) up or down from last closing price. If Wayfair Inc takes out the full calculated possible swing range there will be an estimated 11.71% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $54.04 (0.67%) than the support at $52.56 (2.09%), 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?
The Wayfair Inc stock holds several negative signals and despite the positive trend, we believe Wayfair Inc will perform weakly in the next couple of days or weeks. Therefore, we hold a negative evaluation of this stock.
Current score: -1.432 Sell Candidate Unchanged
Predicted Opening Price for Wayfair Inc of Monday, April 22, 2024
| Fair opening price April 22, 2024 | Current price |
|---|---|
| $53.68 ( 0.0062%) | $53.68 |
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 | 55.63 | 3.63 % | |
| R2 | 54.88 | 2.24 % | ||
| R1 | 54.42 | 1.38 % | ||
| Current price: | 53.68 | |||
| Support | S1 | 52.93 | -1.39 % | |
| S2 | 52.47 | -2.25 % | ||
| S3 | 51.73 | -3.64 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 58.78 | 9.50 % | |
| R2 | 55.35 | 3.11 % | ||
| R1 | 54.04 | 0.671 % | ||
| Current price | 53.68 | |||
| Support | S1 | 52.56 | -2.09% | |
| S2 | 50.41 | -6.09% | ||
| S3 | 48.78 | -9.13% |
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