Pinterest stock (PINS) price trading was in an uptrend and showed a reversal from the demand zone of $20 in the last sessions. Moreover, the price action showcased buyers’ accumulation and suggested a breakout, if the price exceeded $30 in the upcoming sessions. Furthermore, the chart structure reshapes the bullishness and shows buyer dominance.
PINS stock is trading above the key moving averages, and buyers persisted in making long buildup and are willing to overtake the primary hurdle of $30 to reach $50 by the end of 2023. The PINS stock was trading near bulls’ trajectory and forming higher highs and higher lows swings taking the support of the lower trendline for the past sessions.
The PINS share price has guided bulls’ control and accumulation for the past weeks and shows a vertical inclination on the charts. Moreover, the price action shows that short covering moves and stock heading to smash the hurdle in the third attempt. Earlier, a fake breakout was witnessed on the charts, and buyers are now looking aggressive and preparing their muscles for an upcoming battle.
At press time, the PINS share price is trading at $27.65 with an intraday gain of 0.75%, showing bullishness on the charts. Moreover, the trading volume remained average at 4.387 Million, and the market cap is $18.536 Billion. However, Analysts maintained a buy and outperform rating with a yearly target price of $32.10, suggesting a solid growth outlook for the upcoming sessions.
Pinterest, Inc. engages in the operation of a pinboard-style photo-sharing website. It allows users to create and manage theme-based image collections such as events, interests, and hobbies. The company was founded by Benjamin Silbermann, Paul C. Sciarra, and Evan Sharp in October 2008 and is headquartered in San Francisco, CA.
PINS Price Action Shows Bullishness on Daily Charts
On the daily charts, the PINS stock price trades above neutrality and close to the breakout zone of $30. Moreover, buyers persisted in accumulating and preparing to skyrocket the price in the upcoming sessions. Furthermore, the price is above the 50% Fib level and close to the 61.8% Fib level. Moreover, it trades near the upper Bollinger band, showing buying interest in the stock.
The RSI curve shows a bullish divergence and stayed in the buying region, indicating a positive outlook on the charts.
The MACD indicator showed a bullish crossover and formed green bars on the histogram, suggesting a breakout in the near sessions.
Summary
Pinterest stock price shows bullishness and persists in surging for the past sessions. Moreover, the price trades above the key moving averages and suggests a breakout in the upcoming sessions. Furthermore, the price action favors the bulls and indicates a near-term rally above the cluster of $30 if the bulls surpass the hurdle.
Technical Levels
Support Levels: $25 and $20
Resistance Levels: $30 and $40
Disclaimer
The views and opinions stated by the author or any people named in this article are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing
Source: https://www.thecoinrepublic.com/2023/09/04/pinterest-pins-stock-guiding-strength-will-it-bust-above-30/