PINS
has been making news this year. First, eMarketer said it surpassed
SNAP
as the third-biggest social-media platform in the U.S. The second headline was a strong earnings report on February 6, featuring beats on the top- and bottom lines. PINS gapped higher on the results and then pulled back -- as you might expect. But then it kept sliding on the last big news story:
META
launch of a competing app. That was good news for potential buyers because it brought PINS all the way back down to fill the earnings gap.
The next signal came yesterday when PINS formed a bullish outside day/engulfing candle. That potential reversal pattern suggests the short-term bearishness is finished.
We're using an hourly chart here to show how PINS is holding the 100-day simple moving average. This can be a useful indicator for equities when the daily chart lines up. Multi-time frame analysis is in our blood at TradeStation!
