‘Tis the season they say. So another potential bottom/bouncer.
ETSY is an online marketplace matching buyers with sellers that was one of those Wall Street darlings that’s been kicked to the curb in favor of other plays. It is probably in the process of seeking out proper valuation (lower), but I think it can bounce, given the seasonal situation (gifts, etc.) more so that it is a fairly high profile stock that has served up significant losses to holders in 2019.
The ‘W’ pattern has a measured target of 49 but could also get a gap fill to around 52 or 53. That is IF immediate resistance right here at 44.50 gets taken out and held. There is positive divergence by the momentum indicators at the secondary low earlier this month, so that helps.
The weekly chart actually asks us to consider not being greedy if a bounce does come from the ‘W’ pattern above. It shows a resistance point that coincides with the pattern’s would-be target of 49. So again, it’s a seasonal play and as with most items, also dependent upon the bubbling view of a high risk and bullish US stock market.
A reminder that chart based NFTRH+ updates are technical trade setup ideas, which may not be revisited as the technical parameters are already noted. These updates are meant as a starting point for your further research if interested. I will not personally buy every item highlighted and will sometimes sell (ref. Trade Log) any item that I do buy below target (assuming I’ve not stopped out or sold for some other reason) as I often do. Also please be aware that I am not a fundamental stock analyst. Due diligence is your responsibility.