Disclaimer: I don’t own shares of ETSY. The below analysis is not a trading or investment recommendation & is only for learning purpose. 1.Etsy has been in a downtrend with price trading under the 200 DMA. 2.Price has been in a lower high-lower low structure with the most recent lower high pivot around $148. 3. Price has formed a bullish engulfing bar today engulfing the last two red candles closing just under the long-term downtrend line & at support. 4.The bullish engulfing bar is accompanied by massive volume demonstrating massive commitment from the bulls. 5. With the massive volume, if price crosses the last lower high at $148 & stays above it, the immediate target would be to reclaim the 200DMA around $200. 6. RSI shows a positive/bullish divergence which will be confirmed once price breaks above the trendline. 7.Immediate resistance levels are around $131, followed by $148 & $200. 8. Support at $109 to be respected, barring which the stock could slip into a further downtrend. All the best!
Symmertic triangle pattern, 40% initial quantity can be invested if it bounces from bottom of trendline or current price of $70.60, add another 20% if it crosses the price level of $75 that is above 20/50 & 100 EMA. another 20 % when it sustains above $80 price balance 20% above the price level of $90. Disclaimer: I don’t own shares of ETSY. I intend to buy with the same strategy. The above analysis is not a trading or investment recommendation & is only for learning purpose.
Disclaimer: I don’t own shares of ETSY. I intend to buy with the same strategy.
The above analysis is not a trading or investment recommendation & is only for learning purpose.