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March 10, 2023
A quick look at yesterday: in yesterday's bearish session, the global online marketplace shed around 4.81% in quick fashion, found support around the $105.25 level and finally closed at $107.74. In contrast, the day's events followed Wednesday's session in which the stock closed at $113.18.
Non Farm Payrolls data from United States will be released today at 13:30 UTC with analysts expecting a decline to 205,000. Potentially significant price fluctuations in Etsy are expected to follow.
Initial Jobless Claims in United States fell short of market expectations (195,000) with a reading of 211,000, continuing the decline from the previous figure of 190,000.
Etsy, Inc. could begin to recover as it approaches significant support, now $2.62 away from $105.12. Dipping below could be an indication that further losses are ahead. Despite being in the red so far in the current trading session, Etsy peaked above its 200 day Simple Moving Average around $108.59 — typically an early indicator of a new bullish trend beginning to emerge. Etsy's lower Bollinger Band® is at $105.96, indicating that the asset has overextended to the downside and could, therefore, bounce back as buyers look for bargains.
Overall, looking at the technical analysis landscape, although technical indicators are mixed and pointing in different directions, it seems Etsy is set to appreciate despite today's setback.
Etsy was not the only decliner in the consumer discretionary sector; Walt Disney dips 3.18% yesterday to close at $99.3. Alibaba lost 4.12% yesterday and closed at $83.37. Pinduoduo falls 7.93% yesterday to close at $93.03.
Looking ahead, ongoing depreciation may be prolonged as United States Non Farm Payrolls expected to decline to 205,000 while its preceding data was 517,000, data will be available today at 13:30 UTC.
Furthermore, United States Unemployment Rate figure is projected at 3.4. It previously stood at 3.4; data will be released today at 13:30 UTC.
Trending downwards for around a month. The global online marketplace is now trading 14.4% below its 3-month high of $148.25.
