While 57% is a fast pace for growth, revenue was still less than the $1.1 billion analysts expected in the quarter, which is one reason the stock tanked so much on the news. This led overall revenue to grow 57% year over year to $1.07 billion in the quarter. Daily active users (DAUs) grew 23% year over year to 306 million, while average revenue per user (ARPU) grew 28% to $3.49. On its face, Snap's third-quarter results looked solid. Pinterest has resistance above at $27.32 and $31 and support below at $22.08 and $19.04.Image source: Getty Images.When Pinterest eventually breaks up or down from the horizontal pattern, traders and investors can watch for higher-than-average volume to enter into the stock, which will indicate the pattern has been recognized.If the stock breaks up from the inside bar pattern, Pinterest is likely to meet resistance again at the upper trendline of the pattern, which could provide a solid entry for a bearish trader wishing to take a short position in the stock.If Pinterest breaks bearishly from the pattern, the stock is likely to hold support at the bottom horizontal trendline of the pattern and if Pinterest forms a reversal candlestick at that level, it could offer a solid entry point for a bullish position. Traders and investors can watch for a break up or down from the mother bar later on Wednesday or on Thursday.
In this case, the inside bar is neutral because Pinterest has been trading in a horizontal pattern between $22.08 and $27.32 since Feb.
The Pinterest Chart: Pinterest was trading slightly higher on Wednesday, completely within Tuesday’s trading range, which has set the stock into an inside bar pattern on the daily chart. Want direct analysis? Find me in the BZ Pro lounge! Click here for a free trial. The product creates a seamless upload capability for news publications to add stories and breaking news to the Discover platform and earn income from the views. In The News: On Tuesday, Snap added a new product to the Discover channel on its Snapchat app called Dynamic Stories that allows over 40 news outlets to publish stories directly to the social media platform.
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