Speaking to all the grandparents out there: Are you having a problem finding holiday gifts this year?
I am not talking about the shelves being empty. My problem is I am not finding the right gifts. When I find them and read the descriptions I want to instantly know it is the right gift for my hard-to-shop-for grandson.
Move over Amazon (AMZN) and check out Etsy Inc. (ETSY) . Gotta find things for six grandchildren.
But do your shopping later. Let's check out the charts of ETSY.
In the daily bar chart of ETSY, below, we can see that the shares largely traded sideways from January until October. As we moved through October prices strengthened and broke out to new highs. The slopes of our two favorite moving averages -- 50-day and 200-day -- are positive.
The On-Balance-Volume (OBV) line is pointed up and tells us that buyers of ETSY have been more aggressive than sellers. The Moving Average Convergence Divergence (MACD) oscillator is bullish.
In the weekly Japanese candlestick chart of ETSY, below, we see a positive-looking picture. Prices are in a longer-term uptrend and trade above the rising 40-week moving average line. I do not see any worrisome candle patterns at this point.
The weekly OBV line is pointed higher and close to making a new high for the move up. The MACD oscillator is in a bullish alignment.
In this daily Point and Figure chart of ETSY, below, we see a possible downside price target in the $258 area.
In this weekly Point and Figure chart of ETSY, below, we can see a potential price target in the $457 area.
Bottom-line strategy: Traders could go long ETSY near $270, if available, and then risk to $245. The $400 area is our first price target as a round number. Maybe $457 is possible after that.
