PINS stock price faces rejection from the $29.00 level and corrected approximately 19% from the recent swing high. It seems that the sellers are trying their best to pull the prices down below the lower-range support.
Pinterest stock price has slipped below the 50-day and 200-day EMA showcases sellers are getting active. But till the stock price holds $23.50 it will be risky to create short positions.
On a daily time frame chart, the PINS stock price seems to be stuck in a wide range between $23.50 to $29.00. Buyers and sellers both tried multiple times to break either side of the boundaries. But unfortunately, every attempt failed and prices continued to trade into the range.
At present, the Pinterest stock price is near the lower range and quarterly earnings are scheduled today. So, the volatility in the stock may rise, and a wild up move or down move may be visible.
If Pinterest stock price drops below $23.50, then sellers may take over the control and drag the price to $20.00. It will hurt the sentiment of long-term investors and erode the complete gains that were generated on a YTD basis.
Will PINS Stock Price Reverse Upward After Earnings?
PINS stock price is forming a bearish pattern and sellers seem more active as compared to buyers. Pinterest Inc. will report quarterly earnings today after the regular trading session closes.
The EPS estimates are $0.206 and the revenue estimates are $743.935 Million. By analyzing the previous records, the company is likely to beat the analyst estimates. But it will be interesting to see how PINS stock price will react after earnings.
The analysis suggests, that despite beating the estimates, the stock price may react negatively and break the $23.50 support.
Will Pinterest Stock Price Expand the Range Downward?
Pinterest stock price has consolidated a lot so any time range may expand upside or downside. However, by analyzing the price chart, it seems that the probability of a downside range expansion remains high.
The MACD curve slips below the zero line and slopes downward. The histogram bar is red, indicating bears are strengthening their grip.
The supertrend says, until the price regains $27.46, the trend will remain down. However, the RSI at 50 says that the price might consolidate for some time in an existing range.
Conclusion
PINS stock price is trading with mild bearish cues. The buyers are trying to defend the $23.50 support to halt the downfall. But sellers look more active and the possibility of an upward reversal is low.
The analysis suggests that Pinterest stock price is in the bears’ grip so the probability of a downside range expansion is high.
Technical Levels
- Resistance levels: $28.97 and $30.85
- Support levels: $23.50 and $20.59
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets 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/2023/10/30/pins-stock-will-earnings-halt-the-downfall-in-pinterest-stock/