Technical Setup: PINTEREST INC- CLASS A Appears Poised for a Breakout.

Our stock screener has detected a potential breakout setup on PINTEREST INC- CLASS A (NYSE:PINS). This breakout pattern is observed when a stock consolidates following a strong upward movement. It's important to note that this pattern is based on technical analysis, and the actual breakout outcome is uncertain. However, it might be worth keeping an eye on NYSE:PINS.

Deciphering the Technical Picture of NYSE:PINS

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

We assign a technical rating of 7 out of 10 to PINS. In the last year, PINS was an average performer in the market. There are positive signs in the very recent evolution, but the medium term picture is still mixed.

• The long term trend is still neutral, but the short term trend is positive, so the stock is getting more and more appreciated by traders and investors.
• PINS is currently showing a bull flag pattern! A bull flag pattern occurs when prices pull back slightly after a strong rise up. This may be a nice opportunity for an entry.
• When comparing the performance of all stocks over the past year, PINS turns out to be only a medium performer in the overall market: it outperformed 52% of all stocks.
• PINS is part of the Interactive Media & Services industry. There are 71 other stocks in this industry, PINS did better than 58% of them.
• 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.

Check the latest full technical report of PINS for a complete technical analysis.

How does the Setup look for NYSE:PINS

ChartMill incorporates a Setup Rating in its analysis, which measures the extent of consolidation in a stock over recent days and weeks. This rating, ranging from 0 to 10, is updated daily and takes into account multiple short-term technical indicators. The current setup rating for NYSE:PINS is 8:

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 33.40. Right above this resistance zone may be a good entry point. There is a support zone below the current price at 33.06, a Stop Loss order could be placed below this zone.

Trading breakout setups.

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.

Of course, there are many ways to trade or not trade NYSE:PINS and this article should in no way be interpreted as trading advice. The article is purely based on an automated technical analysis and just points out the technical observations. Always make your own analysis and trade at your own responsibility.

Every day, new breakout setups can be found on ChartMill in our Breakout screener.

Disclaimer

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 observations created by automated analysis but does not guarantee any trading or investment outcomes. Always trade responsibly and make independent judgments.