Based on good technical signals, PINTEREST INC- CLASS A is potentially setting up for a breakout.

A possible breakout setup was detected on PINTEREST INC- CLASS A (NYSE:PINS) by our stockscreener. A breakout pattern is formed when a stock consolidates after a strong rise up. We note that this pattern is detected purely based on technical analysis and whether the breakout actually materializes remains to be seen. It could be interesting to keep an eye on NYSE:PINS.

In-Depth Technical Analysis of NYSE:PINS

ChartMill assigns a proprietary Technical Rating to each stock. The score is computed daily by evaluating various technical indicators and properties. The score ranges from 0 to 10.

Overall PINS gets a technical rating of 10 out of 10. Both in the recent history as in the last year, PINS has proven to be a steady performer, scoring decent points in every aspect analyzed.

• Both the short term and long term trends are positive. This is a very positive sign.
• Looking at the yearly performance, PINS did better than 90% of all other stocks.
• PINS is one of the better performing stocks in the Interactive Media & Services industry, it outperforms 85% of 68 stocks in the same industry.
• PINS is currently trading in the upper part of its 52 week range. The S&P500 Index however is currently trading near a new high, so PINS is lagging the market slightly.
• In the last month PINS has a been trading in the 35.44 - 39.59 range, which is quite wide. It is currently trading in the middle of this range where prices have been consolidating recently, this may present a good entry opportunity, but some resistance may be present above.
• Volume is considerably higher in the last couple of days.

Check the latest full technical report of PINS for a complete technical analysis.

Looking at the Setup

In addition to the Technical Rating, ChartMill provides a Setup Rating for each stock. This rating, ranging from 0 to 10, assesses the extent of consolidation in the stock based on multiple short-term technical indicators. Currently, NYSE:PINS has a 10 as its setup rating:

Besides having an excellent technical rating, PINS also presents a decent setup pattern. Prices have been consolidating lately. There is very little resistance above the current price. There is a support zone below the current price at 36.01, a Stop Loss order could be placed below this zone. We notice that large players showed an interest for PINS in the last couple of days, which is a good sign. Another positive sign is the recent Pocket Pivot signal.

Trading breakout setups.

To potentially initiate a trade, it is common practice to wait for the stock to break out of the consolidation zone. This breakout signifies a potential upward movement, and traders may enter the stock at that point. Conversely, if the stock falls back below the consolidation zone, it may be sold at a loss.

Please note that this article should not be construed as trading advice. The information provided is solely based on automated technical analysis and serves to highlight technical observations. It is important to conduct your own analysis and make trading decisions based on your own judgment and responsibility.

Every day, new breakout setups can be found on ChartMill in our Breakout screener.

Disclaimer

Important Note: The content of this article is not intended as trading advice. It is essential to perform your own analysis and exercise caution when making trading decisions. The article presents observations created by automated analysis but does not guarantee any trading or investment outcomes. Always trade responsibly and make independent judgments.