Let us take a look at recent NASDAQ:ETSY price development.
Huge leap from 234-239 zone to new highs at 283.
Hard reject to 240 zone.
Climb back to 270.
Taking a look at last 3 weeks volume profile, it is not uniformly distributed. POC is at 239. Decent size volume occured in 270-275 zone, BUT mainly on the ask side.
What usually happens next in this situation:
Stock price either slices through the ceiling and squeezes to the absurd highs (like Tesla and Cloudflare) OR It diddles in the thin zone of the profile, repairing the structure, before the next big move. Here it's 253-272 zone.
Please like if this helped and comment your ideas.
Trade wisely and good luck! ----------------------------------------------------------------------------------------------------------------- Disclaimer!!! This is not financial advise