I've been holding this trade since Tuesday (today being Thursday) but Twitter finally seems to be gaining some upside momentum. Trading within the given channel we had a number of confluences align, starting with a perfect tap on the 0.382 fib retracement level. At the same time we also had a tap of the dynamic support (50 EMA) and 3rd bounce of 4 to complete the...
through out the pandemic social media has been pretty strong, although twitter is being attacked by trump I still see a lot of potential for growth in the medium term.. IMO price should go right through to the 39 zone before another shockwave occurs,
This is tweeter short term long bias.
Price have reached to the previous weekly strong demand and that is not easy to break. It takes some time. Hopefully market may show us some pullbacks. So good time for catching small demand rooms to earn some pips.
Enjoy the weekend.
Monfex is at your service and today we overview Twitter.
Twitter reported revenue and profit in the third quarter below forecasts, explaining this by problems with advertising, as well as unusually low demand during the summer.
TWTR in a little descending channel and a large gap of -10%+ that has a pattern of fill, so we can expect some rise...
I decided to look at the monthly TF and found on Twitter a bullish triangle trend continuation figure, the development of this figure can bring the price to the region of $ 50. But on the weekly TF H&S figure, and this, as we know, is a reversal formation for the price, respectively, the development of this figure will send the price to $ 20, or even lower.
On the weekly time frame, a head and shoulders figure may be formed, which is a reversal for the price movement.
1 scenario: on the aisle price level $ 34 purchase, stop $ 33 (-3.5%), profit $ 42 (+ 22%)
Scenario 2: buying from current with a stop of $ 32 (-3%), profit of $ 42 (+ 27%), you can then buy 1/2 positions and buy the remaining 50% if the price goes above $ 34
Using RSI and CCI indicators, Weak form EMH and my 'gut feeling' to suggest a rise in Twitter's share price lasting (at least) until early September but will be holding until the second last week of August. Bought 3.62 shares LIVE.