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April 22, 2023
Yesterday at a glance: Etsy was steady yesterday maintaining a $101.34 – $103.17 range before closing at $102.05.
Etsy's state is reflected by market data as United States Services PMI came out at 53.7, while a consensus of analysts was expecting 51.5. United States CFTC Crude Oil speculative net positions released yesterday at 20:30 UTC with a figure of 244,600, while the previous figure was 235,600. United States CFTC Gold speculative net positions released yesterday at 20:30 UTC with a figure of 189,900, while the previous figure was 192,700.
Etsy, Inc. is approaching key support, around 85 cents away from $101.2. Dipping below could indicate further losses are ahead while a failure to break below this level is likely to be seen positively by market bulls. Etsy made an initial breakout above its 10 day Simple Moving Average at $102.41, a potential indicator of a newly emerging bullish phase. Etsy's upper Bollinger Band® is at $110.54 and the lower is $98.36.
Despite muted price action in Etsy, chart analysis indicates it is positioned for a bullish run in the short term.
Meanwhile, mixed performances were seen by other consumer discretionary stocks as Amazon traded at $106.96 after closing yesterday's trading day at $103.81 (up 3.03%). Walt Disney traded at $99.57 after closing yesterday's trading day at $98.07 (up 1.53%). Alibaba closed at $89.13 (down 1.77%).
Trending downwards for around 2 months. 2 months ago the e-commerce company reached a significant high of $148.2 but has consequently lost 31% since then.
