Twitter, Inc. (NYSE:TWTR) Support at $30
Twitter (NYSE:TWTR), which as you know, has been one of the strongest stocks in 2018. In January of this year, TWTR was trading as low as $23.68 a share. Then it started to rise and traded as high as $47.79June 15, 2018.
World Wide Worx MD Arthur Goldstuck says: “The punishment of Facebook and Twitter in the market is a classic example of the short-term and blinkered thinking of market analysts and of investors who are swayed by sentiment. It’s a numbers-above-all attitude that ultimately erodes the foundations of stock markets by creating unnecessary volatility and punishing longer term strategy.
59.6% of Twitter shares are owned by institutional investors. Comparatively, 59.6% of 58.com shares are owned by institutional investors. 6.6% of Twitter shares are owned by company insiders. Strong institutional ownership is an indication that large money managers, hedge funds and endowments believe a stock will outperform the market over the long term.
Overall, the bias in prices is: Downwards.
Note: this chart shows extraordinary price action to the downside.
The projected upper bound is: 36.52.
The projected lower bound is: 26.20.
The projected closing price is: 31.36.
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 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 7.0650. This is an oversold reading. However, a signal is not generated until the Oscillator crosses above 20 The last signal was a sell 28 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 24.68. This is where it usually bottoms. The RSI usually forms tops and bottoms before the underlying security. A buy or sell signal is generated when the RSI moves out of an overbought/oversold area. The last signal was a sell 24 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 -273.This is an oversold reading. However, a signal isn’t generated until the indicator crosses above -100. The last signal was a buy 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 sell 24 period(s) ago.
Rex Takasugi – TD Profile
TWITTER INC closed down -2.740 at 31.380. Volume was 99% above average (neutral) and Bollinger Bands were 77% wider than normal.
Open High Low Close Volume___
34.140 34.260 31.070 31.380 11,863,126
Short Term: Oversold
Intermediate Term: Bearish
Long Term: Bullish
Moving Averages: 10-period 50-period 200-period
Close: 41.31 41.37 30.23
Volatility: 139 83 71
Volume: 5,533,122 6,809,424 5,486,804
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 3.8% above 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 moderate flows of volume out of TWTR.N (mildly bearish). Our trend forecasting oscillators are currently bearish on TWTR.N and have had this outlook for the last 10 periods. Our momentum oscillator is currently indicating that TWTR.N is currently in an oversold condition.