PINS - How much higher can it go?I have been watching Pinterest since March and I kind of want to cry after last Friday.
There is no way this rally is sustainable. It looks like we have a hanging man met at strong resistance. A lot of the tech stocks are displaying this same candle pattern breakout from there trends. Their earnings report was phenomenal, but I think it is poised for a pullback.
The hanging man will only confirm with a nice red candle stick next week. It is way outside the bollinger bands, RSI is signalling overbought, and the MACD has been showing a loss in momentum up until last friday.
Long term I am very bullish, but I need it to pullback to take up a position. Looks like an excellent short opportunity in the next week or so but even that is iffy with the Feds potentially dropping another bill.
As always, I am not a financial advisor and this is financial advise. Do your own research and formulate your own theories. Good Luck!