With a rather deep correction of 31% now completed, Pinterest Inc. (PINS) has started on a trek back up toward its old highs around $90.
But interestingly enough, money flow remained fairly strong throughout the drop. That's a bold statement by the strong holders, willing to wait it out, ignore and then add to the position on the downside.
Last Wednesday's pop was on decent turnover, and price action is as good as it has been in well over two months. With some follow through this stock is on its way, and earnings season is coming up.
This stock performs well during that time. Moving average convergence divergence (MACD) is crossing for a buy signal.
This article, part of a regular "Chart of the Day" feature, was originally sent to subscribers of Trifecta Stocks. Click here to learn more about this portfolio, analysis, trading ideas and market commentary product.
-- Bob Lang and Chris Versace are co-portfolio managers of Trifecta Stocks.