TWTR : New support at 50 sma
Updated
Hello Everyone! We have left TWTR on its 20 sma support area which after few sessions did not hold and price went lower to the 50 sma where it found a new support yesterday.
Is that last line of defence ? Not really, price can always go lower and find another level of support, but check this : today price closed above its 50 sma at 31,37 after a low at 30,82 which first cut the 50 sma level (31,06) and then bounce above it, in my opinion a potential bullish behaviour, considering that 38,2% fibonacci retracement level is at 30,31 very close to the 50sma and again below today close.
Let's wait a confirmation from today session and see it I have to be surprised
Thanks for reading and if you like to post a comment feel free to do that....and may the market be with us!
Is that last line of defence ? Not really, price can always go lower and find another level of support, but check this : today price closed above its 50 sma at 31,37 after a low at 30,82 which first cut the 50 sma level (31,06) and then bounce above it, in my opinion a potential bullish behaviour, considering that 38,2% fibonacci retracement level is at 30,31 very close to the 50sma and again below today close.
Let's wait a confirmation from today session and see it I have to be surprised
Thanks for reading and if you like to post a comment feel free to do that....and may the market be with us!
Note
Surprise! price went through 50 sma like it did not exist and approached next level of resistance at 28,50 (50% Fibonacci retracement).
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