There are signs that NYSE:PINS may be ready to breakout.

PINTEREST INC- CLASS A (NYSE:PINS) has been identified as a Technical Breakout Setup Pattern by our stock screener. This pattern typically occurs when a stock takes a pause after a significant rise, indicating the possibility of a continuation in the trend. While it's impossible to predict with certainty, it might be beneficial to monitor NYSE:PINS.

Technical analysis of NYSE:PINS

ChartMill assigns a Technical Rating to every stock. This score ranges from 0 to 10 and is updated daily. The score is determined by evaluating multiple technical indicators and properties.

Overall PINS gets a technical rating of 7 out of 10. PINS has been one of the better performers in the overall market. Some doubts were observed in the medium time frame, but recent action was again very positive.

• Both the short term and long term trends are positive. This is a very positive sign.
• When comparing the yearly performance of all stocks, we notice that PINS is one of the better performing stocks in the market, outperforming 88% of all stocks.
• PINS is part of the Interactive Media & Services industry. There are 73 other stocks in this industry. PINS outperforms 86% of them.
• In the last month PINS has a been trading in the 25.22 - 28.17 range, which is quite wide. It is currently trading near the high of this range.
• PINS is currently trading in the middle of its 52 week range. The S&P500 Index however is currently trading near new highs, so PINS is lagging the market.

For an up to date full technical analysis you can check the technical report of PINS

How do we evaluate the setup for NYSE:PINS?

Besides the Technical Rating, ChartMill assigns a Setup Rating to every stock to determine the degree of consolidation. This rating, ranging from 0 to 10, is updated daily and evaluates various short-term technical indicators. NYSE:PINS currently holds a 10 as its setup rating, suggesting a particular level of consolidation in the stock.

Besides having an excellent technical rating, PINS also presents a decent setup pattern. Prices have been consolidating lately and the volatility has been reduced. There is a resistance zone just above the current price starting at 28.58. Right above this resistance zone may be a good entry point. There is a support zone below the current price at 27.41, a Stop Loss order could be placed below this zone. We notice that large players showed an interest for PINS in the last couple of days, which is a good sign. Another positive sign is the recent Pocket Pivot signal.

Trading setups like NYSE:PINS

A breakout could materialize when the stock breaks out to new highs above the current consolidation zone. One could wait for this to happen and buy when this happens. A stop loss could be placed below the consolidation zone.

Disclaimer: This article is not intended to provide trading advice. It is crucial to conduct your own analysis and consider your own observations and trading style when making investment decisions. The article solely presents technical observations and should not be relied upon as a sole basis for trading.

More breakout setups can be found in our Breakout screener.

Keep in mind

This article should in no way be interpreted as advice in any way. The article is based on the observed metrics at the time of writing, but you should always make your own analysis and trade or invest at your own responsibility.