A quick look at yesterday: the e-commerce company has recovered almost all of its session losses after dipping down to $135.5 yesterday.
Crude Oil Inventories data from United States will be released today at 15:30 UTC with analysts expecting a decline to 971,000. Potentially significant price fluctuations in Etsy are expected to follow.
Meanwhile, United States API Weekly Crude Oil Stock released yesterday at 21:30 UTC with a figure of 3.38 million, while the previous figure was 7.62 million. United States 2-Year Note Auction released yesterday at 18:00 UTC with a figure of 4.139, while the previous figure was 4.373. United States Services PMI came out at 46.6, while a consensus of analysts was expecting 45.
Yesterday's price action generated a Japanese candlestick pattern showing 'Bearish Harami' is a candlestick chart indicator used for detecting reversals within a prevailing bull trend. It is generally indicated by a small price decrease that's contained within a broader upward price movement and is commonly associated with a bullish trend coming to an end. Trend-focused traders would be interested to note that investors are seeking long positions as Etsy price action surged above +100 — a key CCI threshold indicating an imminent bullish trend. According to asset volatility analysis, Etsy's upper Bollinger Band® is at $141.95 which indicates a further downward move may follow. Analysis of Etsy's recent price action suggests Etsy could begin to recover as it approaches significant support, now $1.66 away from $135. Dipping below could be an indication that further losses are ahead.
Notwithstanding Etsy's appreciation in recent days, the technical outlook suggests its bullish run is now fading.
Etsy was not the only decliner in the consumer discretionary sector; Nike lost 1.14% yesterday and closed at $126.83. Amazon lost 1.23% yesterday and closed at $96.32.
On the other hand, positive performances could be seen by looking at other consumer discretionary stocks as Lowe's was up 1.15%.
With markets struggling for positive sentiment, upcoming macro data could potentially attract buyers in the market as projections for United States Core Durable Goods Orders are set for a continuation of decline with -0.2% while previous data was 0.1%; data will be released tomorrow at 13:30 UTC. Today at 15:30 UTC data for United States Crude Oil Inventories will be released, with an expected decline to 971,000 from the preceding figure of 8.41 million. United States GDP expected to decline to 2.6 while its preceding data was 3.2, data will be available tomorrow at 13:30 UTC.
The e-commerce company has managed to gain 19.93% so far this year despite trading at lows around $69 previously.