ETSY has been consolidating within a standard box pattern for the past several weeks, and has broken out of its initial trend line resistance, ready to test the upper region of the box at 73.50-74. Whether or not it breaks from there remains to be seen, but a test of 74 would yield 3+ points per share. Not a bad return.
The rate broke the January falling trendline and the falling gap resistance invalidating my immediate bearish bias on the pair.
I am now looking at this as a potential double bottom formation and will be looking for a neckline break at 115.50 to target the yearly highs at 118.60.
A strong rejection from the neckline would indicate further range...
The rate is currently testing the neckline of a small double top formation which has formed at already established range resistance.
I am looking for a downside break below 1.0505 to enter new short positions to target the range support at 1.0360.
A failure to break through would invalidate my immediate bearish bias as it would suggest a short term...
The rate is still trading within the box range I mentioned last week (for full trade idea click here).
The thin holiday trading liquidity, however, has pushed the rate into an even smaller range.
The lack of fundamental catalysts, the pressure which the rate is applying on the former resistance as the new support at the major psychological level at...
The rate is currently trading beneath some important resistance levels - the 6-month falling trendline starting after the rate made a breakaway gap from the Brexit low, the former channel support as the new resistance and the monthly high at 1.7170.
I am bit more bearish here and will consider entering a short on a break below 1.7000 to target the...