Internet radio phenom Pandora has only been public for a short while, but it has made big moves. After its IPO, the stock got hammered thanks to their free model (flashback to the dotcoms of the 90’s), but they got it together and managed to actually make money. The stock has been tortured by repeated overtures from Apple, Google and Amazon, who all expressed interest in buying up shares, but they continue to stand tall.
The chart has caught my interest. After a big drop along with the other high beta names, it may be ready for a move back up to recent highs. MACD has flashed a buy signal, but there is resistance up ahead at 31 and 34, which could be tested soon. With the stock around 29, there is still some good upside to be made. Keep your eye on it!
