Yesterday at a glance: the global online marketplace has recovered almost all of its session losses after dipping down to $132.96 yesterday.
Amid the market gloom, United States API Weekly Crude Oil Stock released yesterday at 21:30 UTC with a figure of -6.43 million, while the previous figure was -7.85 million. United States Trade Balance (Oct) came out at -78.2 billion, while a consensus of analysts was expecting -80 billion. Data from United States concerning Exports was released yesterday at 13:30 UTC. Newly published figures emphasized continued decline from last month's figure of 258.5 billion to 256.6 billion this month.
Visual analysis of Etsy's chart shows that Etsy, Inc. could begin to recover as it approaches significant support, now 45 cents away from $134.56. Dipping below could be an indication that further losses are ahead. Technical analysis trend indicators suggest that Etsy made an initial break below its 5 day Simple Moving Average at $134.21, a possible indication of a forthcoming negative trend.
Overall, the technical outlook suggests Etsy is likely to remain muted for the immediate future, with no clear-cut direction.
Etsy was not the only decliner in the consumer discretionary sector; Walt Disney dips 3.79% yesterday to close at $95.93. Amazon went down to $88.25, losing 3.03% after it closed at $91 yesterday. Toyota lost 1.47% yesterday and closed at $141.09.
Looking ahead, ongoing depreciation may be prolonged as United States Initial Jobless Claims expected to decline to 230,000 while its preceding data was 225,000, data will be available tomorrow at 13:30 UTC.
Some optimism can drawn from the fact that United States Crude Oil Inventories is projected to outperform its last figure with -3.31 million. It previously stood at -12.58 million; data will be released today at 15:30 UTC.
The stock has been trending positively for about a month. Etsy hit a significant low of $69 around 5 months ago, but has since recovered 98.86%.