On June 29 we reviewed the chart of Pinterest (PINS) and recommended that "The charts of PINS suggest we could stage a rebound rally in the weeks ahead. Aggressive and agile traders could go long on available weakness risking to $15."
I find it interesting to learn Friday that Elliott Management has accumulated more than a 9% stake in the company. Let's check the charts again.
In this daily bar chart of PINS, below, we can see heavier than normal trading volume from late April. The daily On-Balance-Volume (OBV) line has been moving sideways from late April when this hedge fund was accumulating their position.
I tip my hat to their trading desk in avoiding detection of their activities. The 12-day price momentum study shows higher lows from late April telling us that the downside momentum was slowing down.