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2 months ago
#Pinterest: Bullish Break Above Point of Control Line | $PINS
We’ve added Pinterest, Inc. (NYSE: PINS) to the top of our watch list for the 2nd half of January 2020. So far, the new year has been absolutely pleasureful for the company and it’s shareholders. Shares of PINS have moved from the low $18 range to the high $22 area; where it has been greeted with strong resistance.
This recent boost in share value has provided as much as +26.59% in potential profit for investors and traders playing the chart.
Let’s Take A Look at the $PINS’ 2-Hour Chart:
Looking at PINS‘ 2-hour chart, we see a continuation in both higher highs and higher lows as we proceed towards February.
- Bullish break above Point of Control Line (red)
- Breakout level back tested and held strong today.
- Downtrend broken on high volume (sloping blue)
- Major price action drop off above $22, which should provide a nice rally.
Next, We Take a Look at the $PINS’ Weekly Chart:
Notable Factors to Consider on the Weekly Chart are:
- RSI has formed a lovely base and is rising with plenty of room to run higher.
- 7 & 12 moving averages now support and a crossing over would be a very bullish signal.
- Volume in dominated by the buy-side.
- Stock has formed a bottom and has began to break out on good volume.
- MACD is about to cross bullishly while the Histogram may tick above zero very soon.
Targets to Consider:
Short term – $23.56 – Daily horizontal price resistance.
Medium term – $24.93 – 0.382 Fibonacci level and weekly horizontal resistance.
Long term – $27.24 – 0.5 Fibonacci retrace level from overall high to low.
PINS‘ Breakout level may get tested again tomorrow and if it holds there is possibly a nice opportunity to trade this gap and bank some quick gains.