Technical Earnings Preview: Pandora has short-squeeze potential
The stock has a very large percent of its trading float short, over 49% as of the last available report. That large short-base has not proved in the past to be leaning excessively the wrong way as is evident from the battering shares have taken in the last year. If the news is a bullish surprise, there is high short-squeeze potential. At the current price of $9.03, the $10 area would be the first significant upside test level. A breakout above $10 would see $11.55 as the next major resistance level and thereafter at $12.28. If the news is a negative surprise, the following supports at $8.51, $8, $7.71, and $7.18 could become downside objectives. The 52-week low is at $6.76.