Post CPI data, Wall Street seems to be on a sell off mode. However, one stock that is exhibiting relative strength is Pinterest Inc (NYSE:PINS) despite the outside reaction of the market. The inflation fears hit the tech and internet stocks hard since they are are tied closely to a rise in interest rates. AAPL as an example dropped over 5%.
These past two days PINS (PINTEREST) remained above the key support of $24.22. It has long lower wicks suggesting buying and solid volume while the moving averages remain positively stacked. The technical chart looks even better as the momentum builds. Perhaps it can release from it’s weekly squeeze next?
The technical of the chart suggest the potential continuation of price action to the upside. It will be interesting to see if PINS hold above $25 which is a key psychological level and the falling 200 SMA, which should be resistance.
Can it get to $30 in the next two weeks? Maybe, but it needs to break and hold $25. As always, follow traders vigilance and conduct your own DD.
