Then on March 5 of this year the music came to a screeching halt. All of sudden this can't miss social media stock, which was constantly being rumored to get taken out by various tech companies, couldn't seem to find "that loving feeling" from investors. Shares of Pandora Media Inc (NYSE:P) got smacked down hard to the tune of almost 47%! And as always, the pendulum, which had been on the side of the bulls for so long, clearly swung the other way in favor of the bears.
This equity put in a bottom in late April at $21.47 and has slowly clawed its way higher and is actually positive for the year. Now before we all get ready to jam and rock out on the side, lets take a look at the chart below. As you can see the stock remains below its daily 200ma and is into a big , not to mention a 38.2 fibonacci retrace. This tells us that Pandora Media Inc (NYSE:P) is still singing the blues.
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