Etsy Strong Sell Alert: Key Factors
Etsy Inc (ETSY) opened sharply higher today after Tesla’s Elon Musk mentioned it on Twitter. However, no sooner did it open, the stock fell sharply and is now negative on the day. This is an Etsy strong sell signal. In this market environment, it is extremely bearish to see. Usually, a big name like Elon Musk mentioning anything would create a multi-day move higher, or at least one full day of major upside. The fact that it quickly fell and went negative, tells investors that institutions used the pump to dump millions of shares into. In addition, looking at the chart on Etsy, it is up from $30 in March 2020 to the high today of $226.73. That insane move begs for smart money to dump into it. In terms of downside, the first major support on the stock chart is $154.00. That gives investors looking to short, as much as 25% downside reward.
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