ETSY Great buy opportunity on this bullish break-out.

Jul 11, 2023

Etsy, Inc. (ETSY) pushed above the 1D MA50 (blue trend-line) today and is headed for the top (Lower Highs trend-line) of the 4 month Channel Down. That is the short-term pattern within the 1 year Triangle formation, and since yesterday was a Higher Low on its bottom, if the Channel Down breaks, we expect a strong bullish reversal.

In fact the same Double Bottom and subsequent bullish break-out can be seen in late June 2022. Our target is initially the 0.5 Fibonacci retracement level at 115.00 and after a pull-back, the 0.786 Fibonacci at 135.00 that will form a new Lower High on the Triangle. If however we see inability (straight rejection) to break above the 1W MA50 (red trend-line), we will take profits earlier, as this is the long term Resistance for the stock.


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