Etsy Inc. (ETSY) turned green in its latest trading session, benefiting from its earlier rebound off a main ascending trendline on the short-term chart. This move coincided with the start of positive signals on the relative strength indicators after reaching extremely oversold levels, which provided fresh positive momentum that helped the stock achieve a series of strong gains. However, downside pressure remains from trading below the 50-day simple moving average, which continues to act as an obstacle to a sustainable recovery.

 

Therefore, we expect the stock price to rise in its upcoming trading sessions, provided that the support level of $56.65 holds, targeting the first resistance level at $69.55.

 

Today’s price forecast: Bullish.