$PINS good (not best) buy point! (3/5)

Conviction: 3/5
26.8 looks like a better entry

Main thesis

• So far (mid week) bounced off of dark blue channel (2020) support.
  
• RSI-W touched historical bounce area (however, if we wait for bullish divergence there could be another leg down)
  
• Leg down could coincide with .786 retracement (26.8)
  
• RSI-D showing bullish divergence
  

Misc Info

• P/S level of 9ish is high on absolute level, but on lower end of range relative to other high growth names
  
• As a reference, S&P 500 P/S is 3 right now.
  
• High margin and high growth
  
• Very healthy quick ratio
  

Potential Risks

• RSI-W is still languishing at oversold levels, better to wait for a clearer signal
  
• Channel (2020) is super short, and does not include last major recession (2008)
  
• General markets are very expensive, and we all know correlation goes to 1 in selloff.
  
• High growth / expensive names seems like will sell off more than general market