Price bounced off the long term support with a lot of volume. In the daily just broke a bullish flag. Very likely to retest the ~154 resistance. Put a wide stop loss around the ~80 zone. Hold it for a couple of months.
Most likely going back down to $87.24 (Nov.2 level) and then to June 16. low of $67.01 by end of March 2023. Dow, S&P will top out next week. Nasdaq is struggling going up. More rate increase in coming months. Fed will most likely not pivot...lots of head wind.
No way Etsy is going to reach $163.84 (Mar 3, level). It is having trouble pushing up towards $130. This is a bear market rally, I'm opening PUT options @ 130 strike price. Let's see where ETSY price wil be at between Dec.14-28.
Freedom_55
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@Freedom_55, Update: ETSY @130 PUT option expiring June2023 is slightly out of money at current price of $132.09. Possible up move of SPY to 4150, which may take ETSY up to $135-140ish ... that is if SPY can hold lofty levels. I'm keeping close eye to the next turning point for ETSY, then add to my long term PUT positions out to June of next year (plenty of time). Possibly at 140ish range.
ArturoL
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@Freedom_55, See the chart in the weekly timeframe, my bad for not posting it. Price was forming a huge inverted HS since February and accumulating since August. Investors think in long term, they have been buying for 8 months to finally push the price higher. The same is happing with Coupang see my post here tradingview.com/chart/CPNG/Ygo9WjtR-Coupang-Sky-is-the-limit/. I trade in high time frames, maybe ETSY pulls back for a few weeks but I'm holding it until it reaches my target unless I see a reverse pattern in the weekly timeframe.
Freedom_55
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@ArturoL, Like you I also trade high timeframes with options and LEAPS (3 months up to 1 year). From the charts ETSY is a powerful/strong stock going up no doubt. I'm playing the downside from the vantage point of weaker earnings going forward and a high likely hood of a recession. Trading is a weird science :) and only time will tell I guess.
Freedom_55
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@Freedom_55, Wow, ETSY hits $140.49 closing price, near the top end of my predictions. Let's see if it goes higher next week Thursday. If not then opening $140 PUT options.
ArturoL
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@Freedom_55, I closed half of my position today, locking some profits. Leaving the rest and see how far it can go. I moved my stop lose to $130.
Freedom_55
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@ArturoL, Good to hear you've locked in profits with half your position. Good strategy.
Freedom_55
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@Freedom_55, Update: Added PUT option contracts @ $140 strike price, expiring June 2023.
Maddy50
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@ArturoL Hey good time to enter this one? Tomorrow is the earnings
No way Etsy is going to reach $163.84 (Mar 3, level). It is having trouble pushing up towards $130. This is a bear market rally, I'm opening PUT options @ 130 strike price. Let's see where ETSY price wil be at between Dec.14-28.