Twitter, Inc. (NYSE:TWTR) attractive at current prices
Tech — that high-growth sector that’s become a punching bag — is trying to rally today, after the Nasdaq nose-dived as Silicon Valley’s stars were put through the wringer on Capitol Hill.
One influential trader has bought Twitter’s dip.
“I’m long $TWTR here,” says New Trader U’s Steve Burns, who delivers our call of the day. Burns says in a tweet that he gobbled up shares in Jack Dorsey’s baby TWTR, -5.87% around yesterday’s close, when they finished just below $33 after a tumble of 6%.
But he’s not planning to stick with his Twitter position no matter what.
It will be time to sell if the stock finishes a session under its 200-day moving average, says Burns, a trader and writer with 120,000 Twitter followers who has been featured in MarketWatch’s reporting on “need to follow” Twitterati.
Overall, the bias in prices is: Downwards.
Note: this chart shows extraordinary price action to the downside.
The projected upper bound is: 35.33.
The projected lower bound is: 25.73.
The projected closing price is: 30.53.
A big black candle occurred. This is bearish, as prices closed significantly lower than they opened. If the candle appears when prices are “high,” it may be the first sign of a top. If it occurs when prices are confronting an overhead resistance area (e.g., a moving average, trendline, or price resistance level), the long black candle adds credibility to the resistance. Similarly, if the candle appears as prices break below a support area, the long black candle confirms the failure of the support area.
During the past 10 bars, there have been 4 white candles and 6 black candles for a net of 2 black candles. During the past 50 bars, there have been 23 white candles and 27 black candles for a net of 4 black 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 7.0195. This is an oversold reading. However, a signal is not generated until the Oscillator crosses above 20 The last signal was a sell 4 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 31.76. 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 22 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 -169.This is an oversold reading. However, a signal isn’t generated until the indicator crosses above -100. The last signal was a sell 3 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 buy 16 period(s) ago.
Rex Takasugi – TD Profile
TWITTER INC closed down -1.920 at 30.810. Volume was 12% above average (neutral) and Bollinger Bands were 42% narrower than normal.
Open High Low Close Volume___
32.760 32.940 30.620 30.810 6,234,778
Short Term: Oversold
Intermediate Term: Bullish
Long Term: Bearish
Moving Averages: 10-period 50-period 200-period
Close: 34.41 37.79 32.10
Volatility: 59 80 68
Volume: 4,039,412 4,731,446 5,432,775
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 4.0% below its 200-period moving average and is in an upward trend. Volatility is relatively normal 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 4 periods.
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