PINS: Will it come back to test the channel bottom?
Pins broke out above the down trendline from July and failed immediately. The current support at $25.7 area needs to hold in the coming weeks to keep the recent uptrend alive. If that area breaks, then bottom of the channel retest will be the most probable move. As long as $ 20.60 doesn't break, the higher timeframe uptrend will still stay intact.
Indicators are slightly bearish to neutral. RSI needs to hold 44 to prevent a complete collapse. MACD is neutral. DI is on bearish posture, but ADI is weakening, so not expecting a full meltdown at this point.
EW perspective, a leading diagonal is still in progress as long as wave 4 holds. Even price comes back to test the channel, I will add some to my holdings, with stop loss below wave 4 low.
Indicators are slightly bearish to neutral. RSI needs to hold 44 to prevent a complete collapse. MACD is neutral. DI is on bearish posture, but ADI is weakening, so not expecting a full meltdown at this point.
EW perspective, a leading diagonal is still in progress as long as wave 4 holds. Even price comes back to test the channel, I will add some to my holdings, with stop loss below wave 4 low.
Commentaire:
Well, price has broken back above the down trend line. That makes the price fake out both sides. Move above $29 would pretty much confirm target to $36.
