Long term (imperfect) Cup and Handle completed, with a (failed?) breakout on the recent earnings.
After an initial substantial pop after hours post earnings release, ETSY lost most of its gains.
Now gently climbing back up over its breakout resistance of 45.
Bought the shares at 42.65 pre-earnings. Held them through the up and the down.
Awaiting a close above 45 for a confirmation of the breakout.
If confirmed, keep holding or initiate position above 45 for medium term target at 60.
After an initial substantial pop after hours post earnings release, ETSY lost most of its gains.
Now gently climbing back up over its breakout resistance of 45.
Bought the shares at 42.65 pre-earnings. Held them through the up and the down.
Awaiting a close above 45 for a confirmation of the breakout.
If confirmed, keep holding or initiate position above 45 for medium term target at 60.
Comment:
Breakout confirmed. If this cup-and-handle holds it might prove quite powerful. The stock being up in a down market is another good sign. Keep holding.
Comment:
Next level to breach for further confirmation of strength = previous high at $50.60.