Etsy is on a 4 day bullish run gaining $24.78 (33.11%). Heading in the same direction for now — Etsy gains $6.67 (5.57%) and hovers around the $126.41 level as it reaches the end of the trading session.
On the flip side, new United States Producer Price Index data fell short of the 0.4% projected by analysts with a reading of 0.2% while failing to improve upon the previous reading from last month (0.2%).
Meanwhile, United States NY Empire State Manufacturing Index (Nov) came out at 4.5, while a consensus of analysts was expecting -5. United States Core PPI (MoM) (Oct) released today at 13:30 UTC with a figure of zero, while the previous figure was 0.2.
Technical analysis trend indicators suggest that investors are seeking long positions as Etsy, Inc. price action surged above +100 — a key CCI threshold indicating an imminent bullish trend. Analysis based on the asset volatility indicates that Etsy's upper Bollinger Band® is at $120.44, this is a slight indication of a slowdown. Following today's trading session, chart analysis suggests Etsy is $2.42 away from testing key resistance at $128.83. Peaking above this level could inspire market bulls and open the path to further gains.
Overall, while Etsy has been on an uptrend, technical indicators suggest that it has no obvious direction for the immediate future.
Rallies can also be seen in other consumer discretionary stocks, Alibaba gained 11.12%, currently at $79.26.
While Etsy is higher so far today, these consumer discretionary stocks are struggling: McDonald's is trading around $267.42 (down 1.78%).
Moreover, macro data could boost sentiment further as United States Core Retail Sales is projected to outperform its last figure with 0.4%. It previously stood at 0.1%; data will be released tomorrow at 13:30 UTC. United States Retail Sales is projected to outperform its last figure with 1%. It previously stood at 0%; data will be released tomorrow at 13:30 UTC.
Furthermore, the market is looking at tomorrow at 15:30 UTC data for United States Crude Oil Inventories will be released, with an expected decline to 1.36 million from the preceding figure of 3.92 million.
Approximately 11 months ago, Etsy reached a significant high of $296.91 but has struggled to hold onto its gains and declined 59.67% since then.