It Could Be Time For This Stock To Shine

I've written much lately about the strengthening communications service sector (XLC).

Year-to-date, the XLC is the strongest sector (+23.76%), edging out technology (XLK, +19.72%). But the best news of all is that it's on the verge of a neckline breakout in a bullish, bottoming, reverse head & shoulders pattern. If that breaks, we should see areas like internet ($DJUSNS) and broadcasting & entertainment ($DJUSBC) get a lift. One stock in internet that certainly seems poised to benefit is Pinterest, Inc. (PINS):

Enter Pinterest, Inc. (PINS):

While our major indices rolled over last August when Fed Chief Powell said there's "more pain ahead", PINS has remained in a steady uptrend. That resulted in excellent absolute and relative strength last year and, after a few weeks of relative weakness to begin 2023, PINS seems to be gaining a bit of momentum again. If the XLC executes its bottoming head & shoulders breakout and PINS can clear 30.00, I'd look for much further strength and leadership ahead for PINS.

Happy Trading! Tom Bowley Chief Market Strategist EarningsBeats.com Better Timing. Better Trades.