November 11 Chart of the Day - Pinterest
Precision oriented price action technical analysis by far provides the best edges and most setups for traders and investors across the markets so that's what we use for the basis of our reviews
Shares of Pinterest (PINS) are trading down in the past week after the company missed 3Q earnings per share estimates.
Revenue was inline with estimates so we wanted to review their chart from a price action technical analysis perspective.
We have featured over 300 Charts of the Day since May 2023 and teach Price Action Trading for FREE to traders who join our Highly Rated Trade Room.
Monthly Chart
We don't typically review or trade charts with less than 5-10 years of historical data however when we notice that a chart with less than this amount of price action information moving in a technically correct orientation we have and occasionally will review and/or trade it.
On the monthly chart we can see that price since going public back in 2020 price shot up to make its $89.90 all time high (ATH)
Since then, price has been making a series of lower lows and higher lows /aka/ a down trend.
Weekly Chart
On the weekly chart we can see with much more clarity the fall and subsequent price ascent from the $16 area.
Price made it back up to the $45 area before being firmly rejected by previous support and resistance as well as a bear impulse Fibonacci reversal zone.
Now, seemingly with a decision to make with potential support down below and potential overhead resistance price may continue to power back up through it or it could continue fading back to the downside.
Only time will tell for sure what price will do next...
We've layered in traditional Fibonacci levels as well as support/resistance and trend to help identify potential price levels of interest and/or future price targets.
Armed with precision oriented charts like these both traders and investors can formulate their respective plans.
So what's next?
We don't make predictions...
Nobody knows for sure but using these 5 price action tools traders and investors can develop levels of interest in both directions.
- Support/Resistance
- Trend
- Fibonacci
- Supply/Demand Zones,
- Change Control Zones
ChartPros provides the exact methodology in its price action technical analysis courses to create charts like this with the most precise and accurate levels from which investors and traders can formulate their respective trade plans.
Take a look at the charts and let us know what you think. We'd like to hear from you in the comments sections.
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