ETSY hit a low on 24 May @ 67 and attempted to test this low again on 16 Jun, at this low, it has retraced 78% of it's peak in Nov 2021 and nearly 88% fib retracement of it's AB swing.
It has been consolidating in a sideway range between 67-88 in the past 6 weeks and we are now seeing a possible bullish divergence with the RSI on it's monthly chart.
A close above this range at 95 could be a good sign. That said, the market could still be volatile in the weeks ahead until we have more clarity of a market bottom. Any dip buying at this time could still be risky.
Disclaimer: Just my 2 cents and not a trade advice. Kindly do your own due diligence and trade according to your own risk tolerance and don't forget that money management is important! Take care and Good Luck!
It has been consolidating in a sideway range between 67-88 in the past 6 weeks and we are now seeing a possible bullish divergence with the RSI on it's monthly chart.
A close above this range at 95 could be a good sign. That said, the market could still be volatile in the weeks ahead until we have more clarity of a market bottom. Any dip buying at this time could still be risky.
Disclaimer: Just my 2 cents and not a trade advice. Kindly do your own due diligence and trade according to your own risk tolerance and don't forget that money management is important! Take care and Good Luck!
Comment:
Mini-Double bottom trend reversal worked like a charm here. :)