Pending breakout on W

Alright folks, let’s take a look at Wayfair. And this is not the prettiest chart I’ve ever seen. But I did find this using our bullish divergence scanner and we’re getting a lot and lots of bullish divergence signals down here. As you can see, we’re kind of stuck in this declining wedge. Now last few signals you can see have held up nice we had a buy back here in October 240 ish up to these highs at about 285 to 90 and then we had back to back sell signals here this is on the daily chart at these highs at 285. To flip it back to the downside we’ve been in a downward trend ever since but this certainly gets my attention here we’re getting buys going all the way back to late January. Bullish Bibles, Bibles Bible spy you see that momentum is continuing to tick higher as we consolidate in this range. Now we do have earnings coming up here in May. So if we do get a breakout, we have some time to play this and be aside from earnings. Let’s quickly take a look at the weekly. What I noticed here on the weekly is we’re trading down we’re slowly this momentum is slowing down here into this 786 retracement range. And this is the area that where we broke out to cause new highs. So I consider this somewhat of a key level. So here we are. We’re not getting long right now, I would wait for a breakout and some additional confirmation up above this 120 area but our risk you know it is a higher price stock it sounds risky, you know to risk 15 $20 But our risk would really need to go down here below this range. Once we do get that confirmation. Our targets though are pretty attractive, we’re looking at around this 155 160 area as far as target next target will be up here around the 200 range. So put this one on your radar we may continue to consolidate until we get to earnings and earnings could be that catalyst to finally get us out but keep in mind that we are tight right now we don’t have any confirmation but we do lean to the upside if and when we do get that break now I’m gonna be doing a free presentation on how we locate these divergence signals both bullish and bearish. Divergence signals for all markets, Stocks, Futures, commodities, currencies Kryptos and more from speaking Friday, April 15 at 11am Eastern and I’ll hyperlink you to this page and I look forward to seeing you there.