ETSY closes higher for the 2nd day in a row
Etsy Inc. (ETSY) Technical Analysis Report for Jul 30, 2020 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, ETSY ended Thursday at 112.38 gaining $3.69 (3.39%), significantly outperforming the S&P 500 (-0.38%). Today's close at 112.38 marks the highest recorded closing price since July 9th. The bulls were in full control today, moving the market higher throughout the whole session. Closing above Wednesday's high at 109.06, the stock confirmed its breakout through the previous session high after trading up to $3.73 above it intraday.
Daily Candlestick Chart (ETSY as at Jul 30, 2020):
Thursday's trading range has been $5.26 (4.88%), that's slightly above the last trading month's daily average range of $4.89. Weekly volatility is also higher, being above the market's average weekly trading range. The longer-term, monthly volatility is currently notably lower than usual for ETSY.
One bullish candlestick pattern matches today's price action, the White Candle.
Prices are trading close to the key technical resistance level at 115.50 (R1).
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
With prices trading close to this year's high at 115.50, upside momentum could accelerate should the market be able to break out to new highs for the year.
Among the seven market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "2 Consecutive Higher Closes" stand out. Its common bullish interpretation has been confirmed for Etsy. Out of 166 times, ETSY closed higher 54.82% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the long side has been after 10 trading days, showing a win rate of 55.42% with an average market move of 1.74%.