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April 15, 2023
Yesterday at a glance: after ending Thursday at $100.72, Etsy went up to $103.63 only to drop back, yet still traded well overall and closed at $102.53 yesterday.
On the flip side, highly important Core Retail Sales data from United States beat analyst expectations of -0.3% with a reading of -0.8%. United States Retail Sales published yesterday at 12:30 UTC came out at -1%, falling short of the -0.4% projections and continuing its decline from the previous -0.2% figure.
Meanwhile, United States CFTC S&P 500 speculative net positions released yesterday at 20:30 UTC with a figure of -307,600, while the previous figure was -321,500.
Etsy, Inc. made an initial breakout above its 5 day Simple Moving Average at $102.32, a potential indicator of a newly emerging bullish phase. When "Bullish Engulfing” is detected at the bottom of a bearish trend, it is typically indicative of a trend reversal. Price action remains constrained around the key Fibonacci level of $102.79 currently serving as resistance Etsy's lower Bollinger Band® is at $99.19, indicating that the market is oversold and fertile for new buyers. On the other hand, note that Etsy is $1.69 away from testing key resistance at $104.22. Peaking above this level could inspire market bulls and open the path to further gains.
Following today's unexpected gains, extensive multifactorial technical analysis forecasts Etsy to buck against its prevailing downtrend and begin to turn higher in the short term. With all probabilities considered, the the e-commerce company is expected to pick up significant bullish sentiment in the coming days.
While Etsy was bullish yesterday, the following consumer discretionary stocks underperformed: Toyota closed at $135.96 (down 0.93%). Alibaba lost 1.68% yesterday and closed at $94.55. Walt Disney retreats 0.93% yesterday to close at $100.84.
Trending downwards for around 2 months. The global online marketplace has fallen back around 32.04% from the significant high of $148.2 set 2 months ago.
