Twitter (TWTR) continues to climb within the Green Favored Zone of the SIA S&P 500 Index Report. Twitter jumped 27 spots to 39th place yesterday and it has moved up 62 spots in the last month.
Since bottoming out in March, Twitter (TWTR) shares have been steadily advancing in a Rising Channel of higher highs and higher lows. A recent correction bottomed out with a successful retest of support at $37.50, a previous breakout point. Since then, the shares have started to trend upward again, regaining $40.00 (which has become initial support) and continuing to climb. Next potential upside resistance levels appear near $45.50 and $49.50 based on measured moves, plus the $50.00 round number.
Earlier this month, Twitter (TWTR) staged a 12% correction following a 38% advance, which was slightly less than a common 38% retracement. In the last few days, the shares have turned back upward and appear to be resuming the uptrend which started back in March.
A breakout over $44.00 would complete a bullish double top pattern and signal the start of a new upleg with next potential upside resistance tests near $45.80 where a horizontal count and previous column high converge, the previous peak near $47.65, the $50.00 round number and $54.75 based on another horizontal count. Initial support appears near $39.10 based on a 3-box reversal.
With a perfect SMAX score of 10, TWTR is exhibiting near-term strength across the asset classes.
Disclaimer: SIACharts Inc. specifically represents that it does not give investment advice or advocate the purchase or sale of any security or investment whatsoever. This information has been prepared without regard to any particular investors investment objectives, financial situation, and needs. None of the information contained in this document constitutes an offer to sell or the solicitation of an offer to buy any security or other investment or an offer to provide investment services of any kind. As such, advisors and their clients should not act on any recommendation (express or implied) or information in this report without obtaining specific advice in relation to their accounts and should not rely on information herein as the primary basis for their investment decisions. Information contained herein is based on data obtained from recognized statistical services, issuer reports or communications, or other sources, believed to be reliable. SIACharts Inc. nor its third party content providers make any representations or warranties or take any responsibility as to the accuracy or completeness of any recommendation or information contained herein and shall not be liable for any errors, inaccuracies or delays in content, or for any actions taken in reliance thereon. Any statements nonfactual in nature constitute only current opinions, which are subject to change without notice.