| 
June 24, 2023
A quick look at yesterday: the e-commerce company dropped 3.48% early on and traded close to the $88.93 level.
Meanwhile, United States Services PMI released yesterday at 13:45 UTC with a figure of 54.1, while the previous figure was 54.9. United States CFTC Crude Oil speculative net positions came out at 166,500. United States CFTC Gold speculative net positions released yesterday at 20:30 UTC with a figure of 163,000, while the previous figure was 160,200.
Etsy, Inc. made an initial break below its 21 day Simple Moving Average at $89.12, a possible indication of a forthcoming negative trend. Price action pushed below a known Fibonacci support level at $89.45 by around 52 cents with prices hammering out a $88.81 – $91.92 range by session close. On the other hand, note that Etsy could begin to recover as it approaches significant support, now $1.08 away from $87.85. Dipping below could be an indication that further losses are ahead.
Several technical indicators are adding weight to the bearish momentum seen yesterday and forecasting Etsy to extend its recent losses.
Etsy was not the only decliner in the consumer discretionary sector; Toyota closed at $153.38 (down 2.37%). Starbucks went down to $98.34, losing 2.49% after it closed at $100.85 yesterday. McDonald's went down 1.16%, closed at $293.3.
Having set a significant high of $148.2 4 months ago, the global online marketplace is trading 37.83% lower.
