This e-commerce stock is undergoing a textbook ‘bearish-to-bullish reversal,’ according to the charts

E-commerce, online marketplace company Etsy (ETSY) , a Covid darling that crashed back to earth, is judged to be in the early stages of bottoming out. By our work, it qualifies as a “bearish-to-bullish” reversal buy. The path the stock has travelled the past five years is remarkable. A “10-bagger” from its 2020 Covid low of $29.95 to its 2021 peak of $307.75… that then lost 81% of value in 2022 and 2023, touching a low in October of this year of $47.10. And now, of late the stock is “on the mend”, recently pushing above $60 a share. A “10 bagger” and then an 81% retreat. A trajectory that can be characterized as “a round trip to nowhere”. 2020 Covid low… $29.95 2021 Peak… $307.75 2024 low… $47.10 Here and now, the stock qualifies as a “bearish-to-bullish” reversal buy. The 2 charts below tell the tale. By our work, the $85+/- level is a reasonable price objective. -Carter Braxton Worth For actionable recommendations via email and live nightly videos become a member at worthcharting.com DISCLOSURES: (None) All opinions expressed by the CNBC Pro contributors are solely their opinions and do not reflect the opinions of CNBC, NBC UNIVERSAL, their parent company or affiliates, and may have been previously disseminated by them on television, radio, internet or another medium. THE ABOVE CONTENT IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY . THIS CONTENT IS PROVIDED FOR INFORMATIONAL PURPOSES ONLY AND DOES NOT CONSITUTE FINANCIAL, INVESTMENT, TAX OR LEGAL ADVICE OR A RECOMMENDATION TO BUY ANY SECURITY OR OTHER FINANCIAL ASSET. THE CONTENT IS GENERAL IN NATURE AND DOES NOT REFLECT ANY INDIVIDUAL’S UNIQUE PERSONAL CIRCUMSTANCES. THE ABOVE CONTENT MIGHT NOT BE SUITABLE FOR YOUR PARTICULAR CIRCUMSTANCES. BEFORE MAKING ANY FINANCIAL DECISIONS, YOU SHOULD STRONGLY CONSIDER SEEKING ADVICE FROM YOUR OWN FINANCIAL OR INVESTMENT ADVISOR. Click here for the full disclaimer.