Wayfair: Building a strong base, not quite ready to break out

Wayfair stock (W) has underperformed the market so far this year, trading within a broad range of approximately $30 to $90 since 2023, indicating a sideways movement. The stock has established a support range between $34 and $40, making it attractive for traders looking to buy at these levels. While Wayfair is still not ready for a breakout, it is making a strong bottom. If the stock continues to hold within this range for the remainder of 2024, it could lay the foundation for a stronger bottom and potentially ignite a new bull trend. Until then, it’s crucial to monitor for signs of a reversal.