Tech has been crashing this week. NVDA made 52-week lows, META made 52-week lows, TSLA is getting the kibosh, but there is one tech stock that’s holding up. That stock is PINS. That’s right, I’m surprised myself. But the more I think about it, the more it makes sense. I think that PINS is a real takeover candidate, similar to what we saw with Twitter (TWTR) and that is why it’s holding up so well compared to the rest of the market.
Have a look at the technicals:
PINS continues to make higher highs and highs lows, and that’s very impressive in a bear market such as this when just yesterday NVDA and META made 52 week lows!
At these levels, PINS is still 70% off the highs made last year, and certainly, someone is buying this stock up because they see value at these prices. I think PINS really could get taken over, and I’m stalking the stock daily for a good entry!
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Here was my Bullseye Trade from last week:
They don’t all work out this well, but the point is to teach you how the markets work and how professional traders think about making trade decisions.
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