Pandora Remains Boxed In This Year
2014 has been a somewhat of a sour note for investors of Pandora Media Inc (NYSE: P). This year the stock of the internet radio company has been all over the map. It came flying out of the gate with a price surge eclipsing the $40 level ($40.44 to be exact). It was up some 52% in a little over 2 months, which was on top of the nearly 200% gain it had in 2013. All shareholders were singing a happy tune all the way to the bank.
Then on March 5 of this year the music came to a screeching halt. All of sudden this can't miss social media stock, which was constantly being rumored to get taken out by various tech companies, couldn't seem to find "that loving feeling" from investors. Shares of Pandora Media Inc (NYSE: P) got smacked down hard to the tune of almost 47%! And as always, the pendulum, which had been on the side of the bulls for so long, clearly swung the other way in favor of the bears.
This equity put in a bottom in late April at $21.47 and has slowly clawed its way higher and is actually positive for the year. Now before we all get ready to jam and rock out on the bullish side, lets take a look at the chart below. As you can see the stock remains below its daily 200ma and is into a big resistance level, not to mention a 38.2 fibonacci retrace. This tells us that Pandora Media Inc (NYSE: P) is still singing the blues.
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The following article is from one of our external contributors. It does not represent the opinion of Benzinga and has not been edited.