ETSY reversal in motion?

ETSY Daily TF
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Analysis

Etsy holding a strong support trendline with a gap to fill at 181.61. Convertible offering yesterday caused the stock to drop nearly 4% after hours. However, ETSY was quickly bought up today and closed strong above yesterdays (6/8/2020) close. Getting close to crossing the 20d ema and looking primed to retest that downtrend resistance line. Ideally would like to see a strong push over 175 and hold for continuation. Long Term outlook is looking stronger with recent acquisition of Depop.


Targets: 181, 190+

Key Levels
Support: 162, 153.86
Resistance: 172.58, 175.50, 181

Trade Ideas
1. Shares
2. 1-2+ week out calls (atm/ otm)