ETSY rises to highest close since October 29, 2019
Etsy Inc. (ETSY) Technical Analysis Report for Feb 14, 2020 | by Techniquant Editorial Team
Moving higher for the 6th day in a row, ETSY ended the week 7.09% higher at 53.16 after gaining $0.19 (0.36%) today, slightly outperforming the S&P 500 (0.18%) ahead of tomorrow's Presidents' Day market holiday. Today's close at 53.16 marks the highest recorded closing price since October 29, 2019. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.
Daily Candlestick Chart (ETSY as at Feb 14, 2020):
Friday's trading range has been $1.34 (2.51%), that's slightly below the last trading month's daily average range of $1.39. Things look different on the weekly timeframe, where the market's trading range of the last week has been slightly above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for ETSY.
One bearish candlestick pattern matches today's price action, the Hanging Man. The last time a Hanging Man showed up on January 23rd, ETSY actually gained 0.58% on the following trading day.
With another close above the upper Bollinger Band, prices are confirming their strong upward momentum in the short-term. A drop back into the Bollinger Band on the next trading day although might signal a potential change in momentum that could lead to a correction back down towards the center of the Bollinger Bands at 50.48.
Though still in a long-term downtrend, the short and medium-term trends both turned bullish already.
Among the three market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Hanging Man" stand out. Its common bearish interpretation has been confirmed for Etsy. Out of 32 times, ETSY closed lower 62.50% of the time on the next trading day after the market condition occurred.