ETSY closes within previous day's range

Etsy Inc. (ETSY) Technical Analysis Report for Aug 07, 2020 | by Techniquant Editorial Team


ETSY closes within previous day's range


ETSY finished the week 14.09% higher at 135.06 after gaining $4.40 (3.37%) today, strongly outperforming the S&P 500 (0.06%). Closing within the prior day's range, prices missed to decisively move beyond the previous day's trading range.

Daily Candlestick Chart (ETSY as at Aug 07, 2020):

Daily technical analysis candlestick chart for Etsy Inc. (ETSY) as at Aug 07, 2020

Friday's trading range has been $6.78 (5.16%), that's above the last trading month's daily average range of $5.68. Weekly volatility is also higher, being above the market's average weekly trading range. The longer-term, monthly volatility is currently notably higher than usual for ETSY.

During the whole day, prices traded within the prior day's range, unable to trade above the previous day's high or below the prior day's low forming an Inside Bar. Additionally, one bullish candlestick pattern matches today's price action, the White Candle. The last time a White Candle showed up on Wednesday, ETSY actually lost -3.59% on the following trading day.

Prices are trading close to the key technical resistance level at 138.95 (R1).

The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.

Buying could accelerate should prices move above the nearby swing high at 138.95 where further buy stops might get triggered.

Among the two market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "White Candle" stand out. Though it is usually interpreted as bullish, it has actually shown to be bearish for Etsy. Out of 289 times, ETSY closed lower 52.94% of the time on the next trading day after the market condition occurred.

Market Conditions for ETSY as at Aug 07, 2020

Loading Market Conditions for ETSY (Etsy Inc.)...
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