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June 15, 2023
Yesterday at a glance: after closing Tuesday at $92.84, Etsy closed at $95.06 yesterday after climbing to $95.5 and dropping back down.
United States Initial Jobless Claims is next today at 12:30 UTC.
Etsy's uptick comes amid good United States macroeconomic data released during the day — data for United States Crude Oil Inventories published yesterday at 14:30 UTC came out at 7.92 million, beating projections of 1.48 million and showing improvement over the preceding figure of -451,000.
On the flip side, highly important Producer Price Index data from United States beat analyst expectations of -0.1% with a reading of -0.3%.
Meanwhile, United States Interest Rate released yesterday at 18:00 UTC with a figure of 5.25, while the previous figure was 5.25.
Etsy, Inc. made an initial breakout above its 50 day Simple Moving Average at $95.16, a potential indicator of a newly emerging bullish phase. Having stamped out a session range of $92.54 to $95.5, Fibonacci-inclined Etsy traders were highly concentrated around active Fibonacci resistance at $93.89. On the other hand, note that although Etsy is appreciating today after rising as high as $95.5, price action is now slowing and consolidating around $1.13 below the $96.19 resistance level. Etsy's upper Bollinger Band® is at $96.09, this is a slight indication of a slowdown.
According to technical analysis, it looks as if Etsy likely to continue pointing upward in the short term.
A look at other consumer discretionary stocks also showed bullish price action as Toyota traded at $165.57 after closing yesterday's trading day at $158.08 (up 4.74%). Nike traded at $112.86 after closing yesterday's trading day at $106.78 (up 5.69%).
While Etsy was bullish yesterday, the following consumer discretionary stocks underperformed: Walt Disney went down to $92.45, losing 1.49% after it closed at $93.85 yesterday.
Also worthy of note, today at 12:30 UTC data for United States Retail Sales will be released, with an expected decline to -0.1% from the preceding figure of 0.4%. United States Core Retail Sales projected to come out at 0.1% — worse than previous data of 0.4%; data will be released today at 12:30 UTC.
Furthermore, the market is looking at United States Philadelphia Fed Manufacturing Index (Jun) scheduled to come out today at 12:30 UTC.
Having soared to a high of $148.2 approximately 4 months ago, the global online marketplace is now trading 37.35% lower.
