Nov. 22 at 2:26 AM
$PINS is currently trading at
$24.96, significantly below its 30-day moving average (MA30) of
$30.17 and 50-day moving average (MA50) of
$31.51, indicating a bearish trend. The RSI at 16.18 suggests that the stock is heavily oversold, which could lead to a potential reversal or short-term bounce. However, the recent price action is constrained within a 60-day high of
$38.57 and a low of
$24.37, indicating a tight range.
For a trade plan, consider entering a long position at
$25.50, slightly above the current close to confirm upward momentum. Set a stop loss at
$24.37, just above the recent low, to manage risk. Target 1 can be set at
$28.00, aligning with a potential resistance level, and Target 2 at
$30.00, near the MA30. This plan leverages the oversold condition while acknowledging the prevailing bearish trend.
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