PINS: Post-earnings analysis. Time to panic or opportunity?Hello traders and investors! Pinterest dropped sharply after earnings report, so, let’s talk about it. Is it time to panic-sell? Is it a bear market? Will PINS fail? Let’s see.
This is the second time PINS does that to us, as in the previous earnings it also crashed. We lost many important support levels, including the $ 60.80. For now, all we can assume is that it’ll seek the next support level at $ 53.77.
We have no bottom pattern around, and it is too soon to say that PINS will recover. Honestly, I think it will recover,a nd I see this as an opportunity, but it might take some time to fly again, and since we lack bullish pattern s, there’s nothing for us here. All we can do is wait for more confirmation.
In the weekly chart, it feels like PINS is just in a huge congestion, since Oct 2020. This movement reminds me of AMZN’s big congestion (AMZN moved sideways for 1 year), as you can see here:
Maybe PINS will just move sideways for the next months, and now that it is getting closer to the support level, it might be a good opportunity to buy it.
Again, let’s wait for more signs. But, Nathan, what kind of signs are you expecting? We need a bullish structure, like a bullish pivot, a double bottom, an IH&S … Any bullish structure could work here on PINS. As long as we don’t see any, no buy sign yet.
No, PINS will not fail, and this is not a bear market. This is a crash, it is different. In fact, PINS might be a great opportunity for us, but let’s calmly wait a little bit more.
Did you like this post? Remember to follow me to keep in touch with my daily studies, and support this idea if it helped you!
Thank you very much. Have a good weekend.
