Shares of Wayfair Inc. (NYSE:W) consolidated on Tuesday after the stock soared by more than 12.5% on Monday, following a strong earnings report. The company reported 11 cents for Q2 versus the prior year's loss of 34 cents.
But now Wayfair is at a resistance level. The odds are that it doesn't stay at this level for too long. It will either reverse or break the resistance and move higher. Either way, savvy traders will be able to profit. This is why it is our Stock of the Day.
