Good technical signals and a possible breakout for PINTEREST INC- CLASS A.

PINTEREST INC- CLASS A (NYSE:PINS) was identified as a Technical Breakout Setup Pattern by our stockscreener. Such a pattern occurs when we see a pause in a strong uptrend: after a strong rise the stock is consolidating a bit and at some point the trend may be continued. Whether this actually happens can not be predicted of course, but it may be a good idea to keep and eye on NYSE:PINS.

What is the technical picture of NYSE:PINS telling us.

ChartMill employs a sophisticated system to assign a Technical Rating to every stock in its analysis. This rating, which ranges from 0 to 10, is determined by carefully assessing multiple technical indicators and properties.

Taking everything into account, PINS scores 7 out of 10 in our technical rating. 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.
• Looking at the yearly performance, PINS did better than 88% of all other stocks.
• PINS is one of the better performing stocks in the Interactive Media & Services industry, it outperforms 86% of 73 stocks in the same industry.
• PINS is currently trading in the upper part of its 52 week range. The S&P500 Index however is currently trading near a new high, so PINS is lagging the market slightly.
• 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.

Our latest full technical report of PINS contains the most current technical analsysis.

How do we evaluate the setup for NYSE:PINS?

In addition to the Technical Rating, ChartMill provides a Setup Rating for each stock. This rating, ranging from 0 to 10, assesses the level of consolidation in the stock based on multiple short-term technical indicators. Currently, NYSE:PINS has a 9 as its setup rating, indicating its current consolidation status.

Besides having an excellent technical rating, PINS also presents a decent setup pattern. We see reduced volatility while prices have been consolidating in the most recent period. 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 26.80, a Stop Loss order could be placed below this zone. Another positive sign is the recent Pocket Pivot signal.

How can NYSE:PINS be traded?

One strategy to consider is waiting for the actual breakout to occur, where the stock breaks out above the current consolidation zone. Traders can then enter a buy position, anticipating further upward momentum. As a risk management measure, it is advisable to set a stop loss order below the consolidation zone.

Important Note: The content of this article is not intended as trading advice. It is essential to perform your own analysis and exercise caution when making trading decisions. The article presents technical observations generated by automated analysis but does not guarantee any trading outcomes. Always trade responsibly and make independent judgments.

Our Breakout screener lists more breakout setups and is updated daily.

Keep in mind

This is not investing advice! The article highlights some of the observations at the time of writing, but you should always make your own analysis and invest based on your own insights.