Twitter, Inc. (NYSE:TWTR) chart points to more gains

Twitter, Inc. (NYSE:TWTR) chart points to more gains

Twitter, Inc. (NYSE:TWTR) chart points to more gains

Twitter is popular on Wall Street this year.

The social network stock has surged nearly 50 percent since the beginning of 2018, crushing competition from Facebook and Snap, and tracking for its best annual performance ever.

Twitter formed a bearish head-and-shoulders pattern with a high in March, a higher high in June, and a lower high in August. That setup typically suggests the end of an uptrend. However, since then, Twitter has managed to break out above the lower high set more than three months ago.

Daily active users rose by 9 percent in Twitter’s third quarter, its first quarter of single-digit growth in two years. Sign-ups decreased by 20 percent as efforts to detect spam and malicious accounts made progress.

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 33.07.

The projected upper bound is: 39.29.

The projected lower bound is: 32.73.

The projected closing price is: 36.01.

Candlesticks

A white body occurred (because prices closed higher than they opened).
During the past 10 bars, there have been 7 white candles and 3 black candles for a net of 4 white candles. During the past 50 bars, there have been 29 white candles and 21 black candles for a net of 8 white candles.

Momentum Indicators

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.

Stochastic Oscillator

One method of interpreting the Stochastic Oscillator is looking for overbought areas (above 80) and oversold areas (below 20). The Stochastic Oscillator is 78.5260. 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 63.45. 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 61 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 128.This is an overbought reading. However, a signal isn’t generated until the indicator crosses below 100. The last signal was a buy 8 period(s) ago.

MACD

The Moving Average Convergence/Divergence indicator (MACD) gives signals when it crosses its 9 period signal line. The last signal was a buy 6 period(s) ago.

Rex Takasugi – TD Profile

TWITTER INC closed down -0.020 at 35.870. Volume was 12% below average (neutral) and Bollinger Bands were 20% narrower than normal.

Open High Low Close Volume___
35.190 36.610 35.050 35.870 3,926,445

Technical Outlook
Short Term: Overbought
Intermediate Term: Bullish
Long Term: Bullish

Moving Averages: 10-period 50-period 200-period
Close: 33.94 31.85 34.09
Volatility: 54 68 68
Volume: 4,768,610 4,813,033 5,245,579

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.

Summary

TWITTER INC is currently 5.2% above 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 2 periods.

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