TWITTER Ignore the HYPE! The real test is this level!

Twitter (TWTR) is rising aggressively today following the Elon Musk news. If you filter out this noise you will see that the price approached the Lower Highs trend-line that first stared on the February 25 2021 market top. This has so far two clear rejections and if the stock doesn't close above it soon, we could get our third one. The RSI is above the overbought 70.000 level and every time it did so in the past 1.5 year, a sell-off followed.

As you see, we could be having a Channel Up emerging on the shorter term. We can follow this and purse the Fibonacci retracement levels as targets if we break above the 0.382 Fib.

This chart shows you that, even though the hype is great and can create more than +10% rises intra-day, the market has still learned to respect long-term trend-lines.


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