Diamond Tops are a Short's Best FriendI'll let the formations do most of the talking. The diamond tops are some of my favorite technical chart patterns, but this comes with a couple added points:
Break the area of support on the Diamond's right side
Must have a lot of volume after breakthrough
Some important news backing the move
Declining Momentum indicators or crossovers are a bonus
I wanted to pull up $BA as an example of the diamond top. The incredible short came with COVID as well as MAX8 restrictions imposed on their products. We may not see the same pull back in ETSY (I don't think we will.... but in this market who knows), and with earnings coming up, this is the news to run back some wins on the COVID hot stocks.
From the run up, the diamond bottom is riding perfectly on the first support of a fib extension. If we see a break on the diamond support and the fib extension, we can start to see the market go lower here. Deciding if I want to play earnings or not, I will keep updated
All love and best of luck traders
ETSY trade ideas
Keep going upOverall uptrend for $ETSY.
Support at $210-$215.
AS long as this still in the trend, keep your position.
EPS getting higher, revenue getting better.
There's no way this couldn't play well before earnings.
The road might be bumpy in the middle, the sunlight at the end will be brighter.
For self-education use only. Not financial advice.
ETSY - expectations vs reality. $ETSY - consolidating around the $220 levels with solid momentum. A breakout is possible with the last candle looks like forming a potential dragonfly dogi signaling reversal to the uptrend. The target of $230-$243 with earnings right around the corner. If this doesn't break, then the support is $200.
Looks like: we have our next breakout candidateMACD looks good, RSI looks good, EMA looks good, so why not go in big?!
Well, there is one little thing that is worrying, the overall market.
It is overbought, it doesn't mean it can't go higher, all I am saying that in my opinion we are due to a small correction, before heading higher, so place your bets carefully.
ETSY 6 tests breakdownETSY is now about to test the 192 level of support for the 6th time. Each time a level is tested, supply is being taken out increasing likelihood of a breakout. I'm looking for this to breakdown to the 178 level. There is a zone of support between 167-178, which would be a profit taking zone. A break above the moving averages would trigger an exit, as long as price stays under the moving average resistance the trade is in play.
Etsy new highsEtsy is an American e-commerce website focused on handmade or vintage items and craft supplies. These items fall under a wide range of categories, including jewelry, bags, clothing, home décor and furniture, toys, art, as well as craft supplies and tools. All vintage items must be at least 20 years old.