I have been watching Pinterest since March and I kind of want to cry after last Friday.
There is no way this rally is sustainable. It looks like we have a hanging man met at strong resistance. A lot of the tech stocks are displaying this same candle pattern breakout from there trends. Their earnings report was phenomenal, but I think it is poised for a pullback.
The hanging man will only confirm with a nice red candle stick next week. It is way outside the bollinger bands, RSI is signalling overbought, and the MACD has been showing a loss in momentum up until last friday.
Long term I am very bullish, but I need it to pullback to take up a position. Looks like an excellent short opportunity in the next week or so but even that is iffy with the Feds potentially dropping another bill.
As always, I am not a financial advisor and this is financial advise. Do your own research and formulate your own theories. Good Luck!
There is no way this rally is sustainable. It looks like we have a hanging man met at strong resistance. A lot of the tech stocks are displaying this same candle pattern breakout from there trends. Their earnings report was phenomenal, but I think it is poised for a pullback.
The hanging man will only confirm with a nice red candle stick next week. It is way outside the bollinger bands, RSI is signalling overbought, and the MACD has been showing a loss in momentum up until last friday.
Long term I am very bullish, but I need it to pullback to take up a position. Looks like an excellent short opportunity in the next week or so but even that is iffy with the Feds potentially dropping another bill.
As always, I am not a financial advisor and this is financial advise. Do your own research and formulate your own theories. Good Luck!