PINS: Can it hit the target?
PINS had made a long and painful journey so far to break above and stay above $30 and now eyeing to break $35. But it is running out of gas very quickly. The rally since October has been phenomenal. But, to validate an expanding and very whacky leading diagonal structure, price needs to hit $36.74 or above. This year and a half long channel have been very tough to trade, but if you were able to catch the sharp moves, it has been extremely profitable. I have found options trading, specially selling some kind of butterfly fairly low risk. For now, I will eagerly wait to see if the target hits. And if it does hit, then, the chance is, we will see a very sharp retrace to give up majority of the gain to test or even to break the bottom of the channel. Somewhere between $18 - $20 zone would be ideal to make some long term purchase. I think PINS will do well in any recessionary environment where people will looks for deals or a move away from big box stores to local vendors where PINS can be the perfect match maker. It is strongly positioned for a very long existence, unless something unforeseen happens. Look for a W pattern or double bottom or Adam and Eve pattern, whatever you may call it; in the next months.
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