Twitter Goes Bullish (Can It Hit Above $120?)
Twitter (TWTR) has been on the headlines lately with Mr. Musks stealing the show...
Is he doing a good job?
Let's ask the chart.
We can see a low hit March 2020.
We have a long-term higher low hit February 2022.
The peak happened February 2021 followed by a year long correction.
After this correction, bullish signals are starting to show up.
First, we have a rejection April/May this year around EMA50.
Another rejection at EMA50 in August followed by only 3 weeks red.
Now, the Twitter (TWTR) stock managed to conquer this level late September early October 2022 and the ball changes hands towards the bulls.
We had a volume breakout three weeks ago after TWTR conquered EMA50, which supports this move as real and strong.
This week is also full green and you see on the news what has been going on.
Based on Fib. projections and the chart structure as a whole; This is the weekly timeframe... Twitter is getting ready to grow.
CHANGE
Short-term a breakdown and close below $44.44 would send a negative signal but the chart would still be leaning bullish.
A break below the down-trendline or the July low would be much worse and the analysis would be invalidated as the bears would gain control.
CONCLUSION
Twitter can move above $100 but we have to see how $68 is handled on the next bullish jump.
Thank you for reading and for your continued support.
Namaste.
Is he doing a good job?
Let's ask the chart.
We can see a low hit March 2020.
We have a long-term higher low hit February 2022.
The peak happened February 2021 followed by a year long correction.
After this correction, bullish signals are starting to show up.
First, we have a rejection April/May this year around EMA50.
Another rejection at EMA50 in August followed by only 3 weeks red.
Now, the Twitter (TWTR) stock managed to conquer this level late September early October 2022 and the ball changes hands towards the bulls.
We had a volume breakout three weeks ago after TWTR conquered EMA50, which supports this move as real and strong.
This week is also full green and you see on the news what has been going on.
Based on Fib. projections and the chart structure as a whole; This is the weekly timeframe... Twitter is getting ready to grow.
CHANGE
Short-term a breakdown and close below $44.44 would send a negative signal but the chart would still be leaning bullish.
A break below the down-trendline or the July low would be much worse and the analysis would be invalidated as the bears would gain control.
CONCLUSION
Twitter can move above $100 but we have to see how $68 is handled on the next bullish jump.
Thank you for reading and for your continued support.
Namaste.
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