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  • Writer's pictureTLivingstonBlog

Pinterest Setting Up Well

Social media platform Pinterest ($PINS) is setting up extremely well after a very impressive move earlier this year. Pinterest first came across my radar in the summer as it formed a huge primary IPO base (see post here). Now, it looks to be forming a high tight flag pattern. After quickly doubling from approximately $35 to $70, it corrected around 25% the following week. It has been incredibly tight the past three weeks which is something I always like to see. In addition, it has held its 20-day moving average since late September. This is remarkable considering the large gain in Pinterest and the volatility the market saw around the United States Presidential election. I opened a pilot position in PINS today. I will look to add to my position if it can blast out to new highs with conviction. A stop loss below the 20-day moving average seems to make sense to me considering Pinterest's inclination to hold this key support level over the last two months. I typically do not trade high tight flag patterns as often as I trade other formations, however, this is an extremely hot market and a true market leader like Pinterest can really get going if it completes a flag pattern.

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Full Disclosure: I currently own shares of Pinterest.

Disclaimer: This information is issued solely for informational and educational purposes and does not constitute an offer to sell or a solicitation of an offer to buy securities. None of the information contained in this post constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable for any specific person. From time to time, the content creator or its affiliates may hold positions or other interests in securities mentioned in this blog or the associated Twitter and Instagram feeds. The stock or stocks presented are not to be considered a recommendation to buy any stock or stocks. This material does not take into account your particular investment objectives. Investors should consult their own financial or investment adviser before trading or acting upon any information provided. Past performance is not indicative of future results.


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