The Weekly Perspective: A Tale of Support and Resistance 🌐

Starting with the more expansive weekly chart, ETSY paints a classic narrative of old resistance morphing into new support. Cast your mind back to 2019, and you'll recall those cycle highs. Fast forward to the summer of 2022, and those very levels transformed into a cushion of support for the stock. Now, as we gaze upon the chart today, ETSY is back, testing those same waters. The million-dollar question: Will history repeat itself, and will this level once again hold as support? 🤔

Adding to the intrigue, the Weekly MACD is teasing us, standing on the precipice of a bullish crossover. Could this be the sign of an impending upward swing? 🚀

Daily Chart Dive: Spot The Gap 📊

Zooming into the daily chart, things get even more interesting. We're spotting a bullish divergence on the RSI, a classic sign of potential upward momentum. But that's not all! There's a tantalizing gap just waiting to be filled, stretching all the way up to $94. 🎯 Do you think this will break demand and drop lower, or is ETSY showing signs of a bottoming process and push higher?

Trade Idea: The Risk-to-Reward Play 💡

Considering the current levels, this ETSY play offers an enticing risk-to-reward ratio of almost 1:4. Think about entering around the present levels, with a protective stop placed just below the demand zone around $55. Our eyes are set on a juicy profit target: that beckoning gap fill at $94.

However, a word to the wise: trading is as much an art as it is a science. While the charts and technicals provide a roadmap, the journey is yours to undertake. Feel free to take profits as you deem fit and manage risk in a way that aligns with your personal strategy and comfort level. 🛡️💰

Wrapping Up 🎁

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