TWTR Twitter: Big Drop Coming?
Today you can review the technical analysis idea on a 1W linear scale chart for Twitter (TWTR).
In the excitement of Elon Musk restarting talks about purchasing Twitter, the stock had a very strong rally. However the weekly chart shows a concern for the future of the stock price. The price has been in a Symmetrical Triangle and has the potential to break above or below it. Since the RSI is almost at overbought, there is a strong chance the price will come back down. Furthermore, weekly Volume is not that strong even with the price rally as shown in the chart. I placed Fibonacci Retracement from the last low in 2016 to the ATH in 2021 with the potential for this stock to come down to the 0.382 or 0.236 before falling lower to the Symmetrical Triangle measured move of $15-$17. Lastly, a death cross (50 SMA crossing 200 SMA) occurred, which is a bearish signal. If the price moves higher, it has a chance to reach the $75-$77 range.
This is a weekly chart so please be patient.
If you enjoy my ideas, feel free to like it and drop in a comment. I love reading your comments below.
Disclosure: This is just my opinion and not any type of financial advice. I enjoy charting and discussing technical analysis. Don't trade based on my advice. Do your own research! #millionaireeconomics
In the excitement of Elon Musk restarting talks about purchasing Twitter, the stock had a very strong rally. However the weekly chart shows a concern for the future of the stock price. The price has been in a Symmetrical Triangle and has the potential to break above or below it. Since the RSI is almost at overbought, there is a strong chance the price will come back down. Furthermore, weekly Volume is not that strong even with the price rally as shown in the chart. I placed Fibonacci Retracement from the last low in 2016 to the ATH in 2021 with the potential for this stock to come down to the 0.382 or 0.236 before falling lower to the Symmetrical Triangle measured move of $15-$17. Lastly, a death cross (50 SMA crossing 200 SMA) occurred, which is a bearish signal. If the price moves higher, it has a chance to reach the $75-$77 range.
This is a weekly chart so please be patient.
If you enjoy my ideas, feel free to like it and drop in a comment. I love reading your comments below.
Disclosure: This is just my opinion and not any type of financial advice. I enjoy charting and discussing technical analysis. Don't trade based on my advice. Do your own research! #millionaireeconomics
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