ETSY a company that is in the business of online shopping and promoting small business (2 great winners during COVID) recently sold off a mild amount. The recent sell-off is one that I believe to be weak and buyers will be able to take this thing to 115 amidst strong market conditions. Those conditions being that the NASDAQ holds key price levels and remains strong, and the FED staying on their course of liquidity in financial markets. After the sell-off ETSY made single prints on the low and sellers couldn't push it down further, that's where the buyers stepped in. After the single prints on the downside, we saw the same on the upside where sellers began to fight back. We are currently trading in a range where if the supply zone (yellow) above is filled with strong buyers we are able to make the move to 115, and as we speak ETSY is accumulating on the tape (strong buyers, buying at all prices). The company is a clear winner of COVID and is moving forward in AI technologies through websites, which is also quite strong. My price target for ETSY is 115, but we must see the sellers lose the battle in the supply zone above.
Comment:
Target price reached, it can trade 120 this Friday if it buyers stick around, looking to take profits going into the weekend.