Trading Idea - #Wayfair
Updated
#Wayfair : BUY LIMIT
Entry: 171.54 USD
Target: 293.50 USD (profit 70%)
Stop: 125.00 USD
Number 1 most shorted stock with an attractive price chart is e-commerce home goods company Wayfair.
Wayfair shares have a short interest of around 22.5%.
Surprisingly, Wayfair shares have lost 50% of their valuation after hitting an all-time high in January.
From a technical perspective, we are in a correction that has been going on for a full year and we are coming into a key support area at around $150-$200.
Supported by the Covid-related 50% and 62% Fibonacci levels, the previous all-time high and the broken uptrend line in April 2020, there are enough reasons to be positive on the price chart.
I would buy the share if a bottom is confirmed in the daily chart.
Entry: 171.54 USD
Target: 293.50 USD (profit 70%)
Stop: 125.00 USD
Number 1 most shorted stock with an attractive price chart is e-commerce home goods company Wayfair.
Wayfair shares have a short interest of around 22.5%.
Surprisingly, Wayfair shares have lost 50% of their valuation after hitting an all-time high in January.
From a technical perspective, we are in a correction that has been going on for a full year and we are coming into a key support area at around $150-$200.
Supported by the Covid-related 50% and 62% Fibonacci levels, the previous all-time high and the broken uptrend line in April 2020, there are enough reasons to be positive on the price chart.
I would buy the share if a bottom is confirmed in the daily chart.
Trade closed: stop reached
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