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

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Etsy Inc (NASDAQ:ETSY) based on the price action in the company's shares. Yesterday's price range of $32.32 and $33.25 is within the prior day'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. Traders and investors interested in shares of Etsy Inc may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

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 share prices have moved between a 52-week high of $34.22 and a 52-week low of $13.12 and closed yesterday at 153% above that low price at $33.22 per share. Over the last five market days, the 200-day moving average (MA) has gone up 1.2% while the 50-day MA has advanced 1.0%.

Etsy Inc (NASDAQ:ETSY) is currently priced 6.7% above its average consensus analyst price target of $31.00. The stock should discover initial support at its 50-day moving average (MA) of $30.23 and subsequent support at its 200-day MA of $22.21.

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 62.0%. We continue to monitor ETSY for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bullish am inside day candle etsy inc

Ticker(s): ETSY