Twitter (TWTR) has been trending upward within the SIA S&P 500 Index Report since April and returned to the Green Favored Zone for the first time since last October after moving up 16 spots yesterday.
Building on a recent test of support at a higher low near $34.00 and a bullish Golden Cross of its 50-day average up above its 200-day average, Twitter (TWTR) shares staged a major breakout yesterday, clearing $36.00 and snapping a downtrend resistance line dating back to last September to confirm the start of a new uptrend. Initial upside resistance appears near the $40.00 round number followed by a measured $44.00 and the previous peak near $46.00.
Twitter (TWTR) has been under steady accumulation since March, as shown by the rising trend of higher lows and the series of bullish Double Top pattern completions. Yesterday the shares broke out to the upside once again, signaling the start of a new upleg. Initial upside resistance appears in the $41.50 to $42.30 zone where vertical and horizontal counts converge with a previous column high, followed by previous peaks in the $45.80 to $47.65 zone. Initial support appears near $34.00 based on a 3-box reversal.
With a bullish SMAX score of 8, TWTR is exhibiting near-term strength against the asset classes.
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