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News

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News

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Asset Watch

Should you add Pinterest to your shopping list?

Thursday, September 20, 2023

With S&P 500 seasonality still in the danger zone, the risk-reward does not favour the bulls over the next few weeks. However, as a Santa Clause rally often materialises after the fall dip, the seasonal outlook is much more constructive from early October until the end of 2023, so creating a shopping list could be a wise decision during the likely correction.
One name to watch is Pinterest. The social media giant held its Investor Day on Sep. 19, and management expects revenue growth to accelerate in the months ahead. The presentation added:
“We’ll leverage AI to help users explore and define their personal style, taking personalization to a whole new level, [which] drives deeper sessions and shopping behaviour, and unlock a whole new level of precision in ad targeting.”

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?


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