A quick look at yesterday: a tough session dominated by bearish sentiment left Etsy $2.48 lower, while setting a $90.95 to $97.31 session range.
Crude Oil Inventories data from United States will be released today at 14:30 UTC with analysts expecting a decline to 367,000. Potentially significant price fluctuations in Etsy are expected to follow.
Meanwhile, United States ADP Nonfarm Employment Change (Oct) came out at 239,000, while a consensus of analysts was expecting 195,000. United States JOLTs Job Openings (Sep) released yesterday at 14:00 UTC with a figure of 10.72 million, while the previous figure was 10.28 million. United States ISM Manufacturing PMI (Oct) came out at 50.2, while a consensus of analysts was expecting 50.
A study of Etsy's chart reveals various key levels to watch: Etsy, Inc. could begin to recover as it approaches significant support, now $2.28 away from $89.15. Dipping below could be an indication that further losses are ahead. Concerning technical analysis and more specifically, trend indicators, the Commodity Channel Index (CCI) indicator is below -100, meaning the market price is unusually low and below its rolling moving average. Technical analysis indicates that a new, strong downtrend could be forthcoming with short positions favored. Etsy formed a session range of $90.95 to $97.31 leaving buyers and sellers highly concentrated around an active Fibonacci support level of $92.45. Asset volatility analysis shows that Etsy's lower Bollinger Band® is at $87.76, indicating that the asset has overextended to the downside and could, therefore, bounce back as buyers look for bargains.
All in all, the technical analysis suggests Etsy has no clear-cut direction.
Etsy was not the only decliner in the consumer discretionary sector; Amazon lost 5.52% yesterday and closed at $96.79. Toyota closed at $135.16 (down 2.63%).
On the other hand, positive performances could be seen by looking at other consumer discretionary stocks as Alibaba added 3.59% to its value, and traded at $65.86.
Looking ahead, ongoing depreciation may be prolonged as today at 14:30 UTC data for United States Crude Oil Inventories will be released, with an expected decline to 367,000 from the preceding figure of 2.59 million.
Furthermore, United States Interest Rate is expected today at 18:00 UTC. United States ISM Non-Manufacturing PMI (Oct) will be released tomorrow at 14:00 UTC.
Approximately 11 months ago, Etsy reached a significant high of $296.91 but has struggled to hold onto its gains and declined 68.37% since then.