PINS has broken below a short term VWAP at 55.40 which was helping it sustain bullishness but now the contrary seems more likely to happen. I believe a large bearish move will occur within PINS due to BBW squeeze signifying that we are in a low volatile area which tends to beget a very large move. The reason I am bearish is because even though the green line crossed the red RSI we have not seen positive white energy. Not only that but the blue line looks like it is rejecting the 50 level which means we can seen a walk amongst the white/aqua lower Bollinger Band. If we see the red RSI cross below the 20 point then we will see a level 2 expansion zone to the downside meaning it may walk amongst the orange Bollinger Band. My price target is 50 since a VWAP rest there but don't be surprised if we break through that.
Bearish Signals
-Blue Line rejecting 50 lvl
-Below Bollinger basis
-Red RSI heading to lvl 2 expansion zone
-Green line rejecting 50 lvl
Bearish Signals
-Blue Line rejecting 50 lvl
-Below Bollinger basis
-Red RSI heading to lvl 2 expansion zone
-Green line rejecting 50 lvl
Comment:
PINS just gave a buy signal. Next we need the LSMA Blue Line to cross 50 followed by the Red RSI to indicate a true reversal.