Twitter, Inc. (NYSE:TWTR) strong support at $28.96

Twitter, Inc. (NYSE:TWTR) strong support at $28.96

Twitter, Inc. (NYSE:TWTR) strong support at $28.96

The price of Twitter, Inc. (NYSE:TWTR) currently stands at $29.55 after it went down by $-0.32 or -1.07% and has found a strong support at $28.96 a share. If the TWTR price drops below that critical support, then it would lead to a bearish trend. In the short-term, a dip below the $28.37 mark would also be bad for the stock as it means that the stock would plunge by 3.99% from its current position.

However, if the stock price is able to trade above the resistance point around $30.14, then it could likely surge higher to try and break the upward resistance which stands at $30.73 a share. Its average daily volatility over the past one month stands at 3.79%. The stock has plunged by 2% from its 52-weeks high of $28.96 which it reached on Jun. 15, 2018. In general, it is 42.37% above its 52-weeks lowest point which stands at $17.03 and this setback was observed on Oct. 25, 2017.

Overall, the bias in prices is: Downwards.

The projected upper bound is: 31.66.

The projected lower bound is: 26.81.

The projected closing price is: 29.24.

Candlesticks

A black body occurred (because prices closed lower 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 28 white candles and 22 black candles for a net of 6 white candles.

A spinning top occurred (a spinning top is a candle with a small real body). Spinning tops identify a session in which there is little price action (as defined by the difference between the open and the close). During a rally or near new highs, a spinning top can be a sign that prices are losing momentum and the bulls may be in trouble.

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 85.4049. This is an overbought reading. However, a signal is not generated until the Oscillator crosses below 80 The last signal was a buy 25 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 49.11. 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 118.This is an overbought reading. However, a signal isn’t generated until the indicator crosses below 100. The last signal was a buy 4 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 16 period(s) ago.

Rex Takasugi – TD Profile

TWITTER INC closed down -0.260 at 29.290. Volume was 14% below average (neutral) and Bollinger Bands were 69% narrower than normal.

Open High Low Close Volume___
29.400 30.235 28.980 29.290 4,244,903

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

Moving Averages: 10-period 50-period 200-period
Close: 28.52 30.88 33.07
Volatility: 67 51 68
Volume: 5,011,726 4,253,493 5,523,376

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 11.4% below its 200-period moving average and is in an downward trend. Volatility is extremely high when compared to the average volatility over the last 10 periods. There is a good possibility that volatility will decrease and prices will stabilize in the near term. Our volume indicators reflect volume flowing into and out of TWTR.N at a relatively equal pace (neutral). Our trend forecasting oscillators are currently bearish on TWTR.N and have had this outlook for the last 18 periods.

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