Pinterest (PINS) Is Bouncing, But More Downside Should Follow

Pinterest Inc (PINS) is an online visual discovery platform where users can create and manage theme-based images. The popular stock topped out on April 14, 2021 at $88.83 a share. Since that peak, the shares have declined sharply and currently trade around $62.50 a share. Ten trading days ago the stock dropped down to the 50-week moving average which was around the $54.00 level. This key moving average served as support and the stock was defended at that level. Traders should now watch that current low very closely. A weekly close below that weekly chart pivot at $54.00 will suggest another decline is underway.

The next major support level for Pinterest Inc (PINS) stock will be around the $47.00 area. This key support area is where the stock broke out in October 2020. Often prior breakout levels will serve as excellent support when they are initially retested. I will be looking at this important support level for a possible long side trade when this area is tested.  

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