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Asset Watch
Tuesday, December 5, 2023
The green candle on the right side of the chart shows how the stock ended last week above the 78.6% Fibonacci retracement level for the first time since January 2022. It acted as resistance during the previous three weeks, which has made the accomplishment increasingly constructive.
If the momentum continues, next-level resistance is near $38.50, which coincides with the December 2021 intraweek and closing highs. If cleared, there is little standing in the way of a rally to the 61.8% Fibonacci retracement level of $44.44.
Are higher highs in store for Pinterest, or was last week’s strength a fake-out?
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