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Possible Bearish Inside Day Candle Pattern Detected for Etsy Inc (NASDAQ:ETSY)

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Etsy Inc (NASDAQ:ETSY) based on the price action in the company's shares. Today's price range of $28.40 and $28.83 is within yesterday's high and low of the day. This trading action often signifies indecision by bulls and bears to drive prices higher or lower and often implies a possible change in trend. Owners of Etsy Inc may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Etsy, Inc. provides e-commerce services. The Company offers handmade and vintage items, art, and supplies, as well as regular items such as clothing, housewares, paper goods, candles, bags and purses, music, and wood working items. Etsy serves users throughout the United States.

Etsy Inc (NASDAQ:ETSY) is currently priced 22.0% above its average consensus analyst price target of $22.39. Etsy Inc shares have support at the 200-day moving average (MA) of $10.66 and additional support at the 50-day MA of $8.74.

In the past 52 weeks, Etsy Inc share prices have been bracketed by a low of $8.56 and a high of $29.15 and are now at $28.72, 236% above that low price. In the last five trading sessions, the 50-day moving average (MA) has climbed 0.8% while the 200-day MA has slid 2%.

SmarTrend recommended that subscribers consider buying shares of Etsy Inc on February 14th, 2018 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $19.79. Since that recommendation, shares of Etsy Inc have risen 46.3%. We continue to monitor ETSY for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish inside day candle etsy inc

Ticker(s): ETSY