ETSY tries to shake off oversold saturation - Analysis - 04-11-2022

ETSY's stock rallied in the intraday levels after reporting third-quarter earnings of $594.5 million, surpassing estimates of 564.2 million dollars, with the stock spiking 14.27% in the last session, or 12.49 points, becoming the best performer on S&P 500, and settling at 100.03, with trading volumes surpassing 12.8 million shares, above the 10-day averages of 4.2 million shares.

Technically, the stock is trying to vent off oversold saturation in the RSI, amid the dominance of the main downward short-term trend, with negative pressure from the 50-day SMA.

Therefore we expect the stock to return lower, targeting the support of 88.40, provided the resistance of 109.40 holds on.

Expected trend for today: Bearish