Twitter, Inc. (NYSE:TWTR) a technical goldmine
Social stocks have gotten slammed, but one has survived the sector’s meltdown.
Over the past month, Twitter has rallied nearly 18 percent, while Facebook has dropped 6 percent, Snap 10 percent and Alphabet 6 percent. In the past three months, as the rest tanked double digits, Twitter has sustained just a nearly 1 percent drop.
One technician said the charts are setting up for an even bigger pop for the social network.
“Twitter’s stock is actually a technical goldmine,” Bill Baruch, president of Blue Line Futures, said Wednesday on CNBC’s “Trading Nation. ”
A cup and handle forms when a stock pulls back and then returns to the beginning of a formation’s peak, followed by a shorter stretch of losses representing a “handle.” It typically is seen as a bullish indicator.
Twitter ended its third quarter with 326 million monthly active users, more than two-thirds of those from outside the U.S. Daily active users grew by 9 percent, though that marked its slowest quarterly increase in two years.
Overall, the bias in prices is: Upwards.
Note: this chart shows extraordinary price action to the upside.
By the way, prices are vulnerable to a correction towards 32.86.
The projected upper bound is: 36.67.
The projected lower bound is: 30.80.
The projected closing price is: 33.73.
A white body occurred (because prices closed higher than they opened).
During the past 10 bars, there have been 6 white candles and 4 black candles for a net of 2 white candles. During the past 50 bars, there have been 30 white candles and 20 black candles for a net of 10 white candles.
Momentum is a general term used to describe the speed at which prices move over a given time period. Generally, changes in momentum tend to lead to changes in prices. This expert shows the current values of four popular momentum indicators.
One method of interpreting the Stochastic Oscillator is looking for overbought areas (above 80) and oversold areas (below 20). The Stochastic Oscillator is 58.4616. This is not an overbought or oversold reading. The last signal was a sell 10 period(s) ago.
Relative Strength Index (RSI)
The RSI shows overbought (above 70) and oversold (below 30) areas. The current value of the RSI is 57.77. This is not a topping or bottoming area. A buy or sell signal is generated when the RSI moves out of an overbought/oversold area. The last signal was a buy 43 period(s) ago.
Commodity Channel Index (CCI)
The CCI shows overbought (above 100) and oversold (below -100) areas. The current value of the CCI is -37. This is not a topping or bottoming area. The last signal was a sell 10 period(s) ago.
The Moving Average Convergence/Divergence indicator (MACD) gives signals when it crosses its 9 period signal line. The last signal was a sell 4 period(s) ago.
Rex Takasugi – TD Profile
TWITTER INC closed up 0.520 at 33.670. Volume was 26% below average (neutral) and Bollinger Bands were 6% narrower than normal.
Open High Low Close Volume___
32.800 33.910 32.600 33.670 3,446,464
Short Term: Neutral
Intermediate Term: Bullish
Long Term: Bearish
Moving Averages: 10-period 50-period 200-period
Close: 33.59 30.51 33.93
Volatility: 45 63 70
Volume: 3,463,991 4,708,908 5,476,993
Short-term traders should pay closer attention to buy/sell arrows while intermediate/long-term traders should place greater emphasis on the Bullish or Bearish trend reflected in the lower ribbon.
TWITTER INC is currently 0.8% below its 200-period moving average and is in an upward trend. Volatility is high as compared to the average volatility over the last 10 periods. Our volume indicators reflect volume flowing into and out of TWTR.N at a relatively equal pace (neutral). Our trend forecasting oscillators are currently bullish on TWTR.N and have had this outlook for the last 19 periods.
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