A few days ago I posted TWTR as a potential short, but said it's
a strong stock and could end up breaking to the upside. That's
still true, but the last two days have been interesting. TWTR broke
out of a nice tight 60 minute triangle yesterday, providing a nice
quick trade to the upside, but it has reversed hard today and more
than given back that whole move. The daily chart, which continues
to have a wedge look to it, is beginning to show signs that it
might want to give way. Right now we're sitting on the 9 EMA and
the MACD is just starting to cross down. The 9 EMA remains
critical support. If that gives way it might test the gap
where the 20 MA happens to be very quickly.
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TWTR follow up
Posted by puma on 27th of Feb 2015 at 02:15 pm
A few days ago I posted TWTR as a potential short, but said it's a strong stock and could end up breaking to the upside. That's still true, but the last two days have been interesting. TWTR broke out of a nice tight 60 minute triangle yesterday, providing a nice quick trade to the upside, but it has reversed hard today and more than given back that whole move. The daily chart, which continues to have a wedge look to it, is beginning to show signs that it might want to give way. Right now we're sitting on the 9 EMA and the MACD is just starting to cross down. The 9 EMA remains critical support. If that gives way it might test the gap where the 20 MA happens to be very quickly.