Wayfair Inc. engages in the e-commerce business in the United States. It offers approximately seven million home products under various brands. The company’s brands include Wayfair.com that focuses on offering home furnishings and décor from low-to high-end and across various styles; Joss & Main, an online flash sales site; AllModern, an online destination for original design for modern home enthusiasts; DwellStudio, an online design studio for modern, fashion-forward home furnishings; and Birch Lane, a destination for classic style home designs. Wayfair Inc. also sells its products through retail partners.
Take a look at the 1-year chart of Wayfair (NYSE: W) below with my added notations:
Over the past year W has been trending consistently higher, while
also forming a nice trend line of support (blue) the majority of the
time. Always remember that any (2) points can start a trend line, but
it’s the 3rd test and beyond that confirm its relevance. A pullback to
that line will provide trading opportunities, one way or another.
The Tale of the Tape: W has a trend line support to
monitor. A long position could be entered on a pullback to the
trendline, with a stop placed below the level of entry. A short position
could be entered if W were to break below its trendline.