Shares of Wayfair Inc (W) surged higher in early trading, only to stage a hard sell. As the trading day nears a close, shares of Wayfair have reversed almost all of their gains and may close negative. The technical analysis on Wayfair chart signals a likely topping tail. Topping tails have power when they occur at 52 week or all-time highs. The high on Wayfair is both of those. A proper topping tail forms when price surges higher initially, then reverses closing the day at or near the lows. This is the case for Wayfair today.
The technical analysis on Wayfair chart is crystal clear. This is a top signal that should get swing traders shorting it heavily. It would not surprise this head trader if the all-time high on Wayfair at $221.54 is the high for many months to come.
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