Amazon.com might be the poster child of e-commerce taking over the U.S. economy. But it’s by no means the only beneficiary of online shopping in the last six months. Wayfair has rallied even more, surging over 1,300 percent from its March low to August high.Now it’s pulled back, with some interesting signals.
First, we have the deeply oversold condition on stochastics.
Second, we have a pullback to the 50-day simple moving average (SMA). It’s the first test of this line since the rally began.
Third, W tested and held the $235 price range that was resistance in late July before breaking out toward $300.
Finally, the 8-day exponential moving average (EMA) has stabilized and price is pushing back against it. This could be a useful indicator of short-term momentum. If W breaks back above the 8-day EMA, the longer-term uptrend may resume.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.