PINS
went through a bit of a sell off into and on their earnings day. The earnings day selling was drastic at open and that caused a window to open in the chart. We should close it before it gets crafty. Currently on the 8hr chart we closed just above support and on the 0.5 of the upper channel fib of the descending trend. Attempting to enter again at support ($55.75) on a slight retrace could prove successful or entry can be taken slightly higher to be safe.
A few points worth mentioning:
- RSI is bottomed out.
- MACD is showing that nearish momentum has eased off and may flip into a bullish state soon.
- Cipher B showing a buy signal on the 8hr chart
- Looks like earnings day sell of may have finished based on the final 8hr candle closing as a doji. Momentum in the candles is visually easing.
- Massive window opening between $60.88 & $70.39
- Near to 0 of the previous uptrend fib lines, representing a near full retrace. No bounce and traveling further past our 0 line at $53.91 could represent downtrend continuation.
* This Content is for informational purposes only. You should not construe any such information or other material as investment, financial, or other advice.
Comment:
Not much price action today. We are headed a little bit lower than wanted, but still with in the support zone and the bounds of the channel.