Twitter, Inc. (NYSE:TWTR) stock plunged 6 per cent during Dorsey’s testimony

Twitter, Inc. (NYSE:TWTR) stock plunged 6 per cent during Dorsey’s testimony

Twitter, Inc. (NYSE:TWTR) stock plunged 6 per cent during Dorsey’s testimony

Facebook chief Sheryl Sandberg and Twitter boss Jack Dorsey become the latest tech executives to get a grilling from Congress over foreign manipulation Tuesday, where angry Republicans also probe them on President Donald Trump’s charges of bias.

The pair appeared before the Senate Intelligence Committee as Russian election meddling continues to loom over Congress with the mid-terms just two months away – and the value of both company stocks took an immediate dive.

Twitter’s stock plunged 6 per cent during Dorsey’s testimony. By early afternoon, it was off 5 per cent.

Early in the hearing, panel vice chair Sen. Mark Warner of Virginia said regulation is in the cards.

‘Congress is going to have to take action here,’ said Warner, who was a telecomm investor before he came to Congress. ‘The era of the Wild West in social media is coming to an end,’ he said.

Overall, the bias in prices is: Downwards.

Note: this chart shows extraordinary price action to the downside.

The projected upper bound is: 37.27.

The projected lower bound is: 27.73.

The projected closing price is: 32.50.

Candlesticks

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 5 white candles and 5 black candles. During the past 50 bars, there have been 24 white candles and 26 black candles for a net of 2 black 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 18.2288. This is an oversold reading. However, a signal is not generated until the Oscillator crosses above 20 The last signal was a sell 3 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 38.06. 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 21 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 -62. This is not a topping or bottoming area. The last signal was a sell 2 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 15 period(s) ago.

Rex Takasugi – TD Profile

TWITTER INC closed down -2.110 at 32.730. Volume was 7% above average (neutral) and Bollinger Bands were 46% narrower than normal.

Open High Low Close Volume___
34.650 34.700 32.520 32.730 5,958,763

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

Moving Averages: 10-period 50-period 200-period
Close: 34.71 38.07 32.05
Volatility: 49 79 68
Volume: 3,777,202 4,681,525 5,416,541

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 2.1% above its 200-period moving average and is in an upward trend. Volatility is extremely low when compared to the average volatility over the last 10 periods. There is a good possibility that there will be an increase in volatility along with sharp price fluctuations in the near future. 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 3 periods.

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