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!
Comment:
Surprise! price went through 50 sma like it did not exist and approached next level of resistance at 28,50 (50% Fibonacci retracement).
