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March 02, 2023
Yesterday at a glance: after closing the previous trading day at $121.41 and dropping to $116.27, the global online marketplace closed yesterday at $118.28. By the end of the session, Etsy gave up a total of 2.58%.
Initial Jobless Claims data from United States will be released today at 13:30 UTC with analysts expecting a decline to 195,000. Potentially significant price fluctuations in Etsy are expected to follow.
This down-slide takes place despite the positive US macroeconomics indicators data that was published earlier — United States Crude Oil Inventories beat the 457,000 projections, with 1.17 million.
Amid the market gloom, United States ISM Manufacturing PMI (Feb) released yesterday at 15:00 UTC with a figure of 47.7, while the previous figure was 47.4. United States Cushing Crude Oil Inventories came out at 307,000.
A study of Etsy's chart reveals various key levels to watch: Etsy, Inc. could begin to recover as it approaches significant support, now $2.27 away from $116. Dipping below could be an indication that further losses are ahead. Trend analysis indicates that the Commodity Channel Index (CCI) indicator is below -100, meaning the market price is unusually low and below its rolling moving average. Technical analysis indicates that a new, strong downtrend could be forthcoming with short positions favored. Asset volatility analysis shows that Bollinger Bands® shows an indication of recovery: the lower band is at $113.58, a low enough level to, generally, suggest that Etsy is trading below its fair value.
All in all, the technical analysis suggests Etsy has no clear-cut direction.
Etsy was not the only decliner in the consumer discretionary sector; Lowe's went down to $194.31, losing 5.56% after it closed at $205.75 yesterday. Amazon went down 2.19%, closed at $94.23. Home Depot went down to $290.79, losing 1.94% after it closed at $296.54 yesterday.
With markets struggling for positive sentiment, upcoming macro data could potentially attract buyers in the market as United States Initial Jobless Claims projected to decline to 195,000 while previous data was 192,000; data will be released today at 13:30 UTC.
Furthermore, United States ISM Non-Manufacturing PMI (Feb) is expected tomorrow at 15:00 UTC.
The e-commerce company is now trading 14.81% below its 3-month high of $162.03.
