Boston, MA, 04/22/2014 (usastockreport) – The stock of Pier 1 Imports Inc. (NYSE:PIR) was in a strong uptrend from August 2012 to September 2013. However, it broke down from the uptrend line in September 2013 with high volumes and has been on a correction/ consolidation phase since then. On analyzing the weekly chart, the stock has made an inside doji last week. This is a strong bullish reversal bar. Also, there is a MACD divergence on the weekly charts. So a pullback can be expected in the coming weeks. The immediate resistance stands at $19.94 and immediate support exists at $16.08.
The trend deciding level or the pivot point stands at $22.25. Only a weekly close above this level will change the trend back to positive. The next set of resistance stands at $25.67 and $28.43. The RSI has made a double bottom at 35.02 and is sloping upwards. This indicates that a pullback is on the cards. The MACD lines are yet to make a positive crossover on the weekly charts, indicating some more possible consolidation before the pullback.
(Fig:) Daily chart for Pier 1 Imports Inc. (NYSE:PIR)
On analyzing the daily chart of Pier 1 Imports Inc. (NYSE:PIR), the overall trend seems to be neutral with a negative bias. The stock has been making lower highs and is trading below all the important moving averages. However, there is a positive MACD histogram divergence which indicates that the downtrend is weakening and the stock might go up in the near term. A good support exists at $17.52 while the next immediate resistance exists at $18.17. The daily pivot stands at $19.03 which is the trend deciding level on the daily charts. The MACD lines are on the verge of a positive crossover which is a bullish sign. However, long positions are recommended only after a daily close above $17.96.
The dividend for Pier 1 Imports Inc. (NYSE:PIR) has been declared as $0.06 per share. This would be given on May 7, 2014; with an ex-dividend date of April 21, 2014.