Asset Watch
Thursday, September 20, 2023
While fundamental enthusiasm remains abundant, an important technical development should be on your radar. For example, Pinterest is a momentum stock, and its 10-day moving average held throughout most of the May to July rally. Similarly, the 10-day MA acted as support from roughly mid-August to mid-September before a breakdown followed.
On Sep. 19, the intraday rally ended near the 10-day MA as momentum was still lacking. But if Pinterest closes and holds above its 10-day MA, that could be the signal to go long.
Will Pinterest be a winner if a Christmas rally occurs, or are there better ways to play the seasonal shift?