By Jeff Pierce
Nov 14th – Trade Idea Recap - Back on Sept 23rd Pandora Media saw an 11% decline that I recognized as a decent buying opportunity. It continues to hit new 2013 highs after breaking out of a wedge pattern. I’ll consider this trade idea closed as it continues to look bullish and I see no troubling signs ahead. Although if you bought the dip in September you should definitely be taking some off the table soon, as a 20% gain is nothing to sneeze at.
Sept 25th Update: Hopefully if you were watching this stock with the intent to buy you did. Big 5% + rally today, demonstrating that daily and weekly trends remain important.
Sept 23rd – Pandora Media is currently down around 11% on news however it hasn’t violated any support and it’s uptrend looks to be intact. This could be the sort of news that is an opportunity. Keep your eyes on how this closes and if it remains above the levels indicated below ($22-23) then I would say that this stock will rebound based on the daily and weekly’s chart strength.
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