PINS Trade on Nov 24, 2020 15:08 from thefudawg: Tradervue User Stock Trades.

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thefudawg

 

PINS has been a huge momentum stock and this year has been great for it. It started trading lower today without any company-specific news to justify this price action. It could be related to positive vaccine news and a possible less demand for social media and everything starts to re-open, but I think the underlying use-case for Pinterest is still really high. PINS is up 255.5% this year and investors could think it is overvalued. Nonetheless, we got $7.3M of bullish sweeps all targeting the $65 calls in January.

From the technical aspect on the larger daily and 4h charts we are very bullish with a very positive uptrend, EMAs stacked, and nice momentum. We got a 30 minute Ready Fire to the upside and an oversold Ready Aim Fire on the 15m chart.

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We're starting to see some buying momentum and as far as being extended, we went back to 1 ATR from the 21 EMA at $60.23 as of close today. The last 2+ week's we have chopped around the 1-2 ATR and with all of the bullish flow today, I think we can at least hit $65 by next week. We opened at $66 today with a low of $63 and Monday opened at $68. I'm not looking to capture the whole move here, but at least close out of this trade behind some nice momentum.

Lastly, today's LOD was $62.43 which indicated the 15MA as strong support.

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Execution detail:

Date/time Symbol Side Price Position
2020-11-24 15:08:25 DEC04 20 65 CALL buy $2.090 long
2020-11-24 15:08:25 DEC04 20 65 CALL buy $2.090 long
2020-11-24 15:08:26 DEC04 20 65 CALL buy $2.090 long
2020-11-24 15:08:28 DEC04 20 65 CALL buy $2.090 long
2020-11-25 12:51:08 DEC04 20 65 CALL sell $2.740 0


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