TWTR Twitter: New CEO, Now What?Hello friends, today I am completing a technical analysis on the 1D linear scale chart for Twitter Inc ( TWTR ), traded on the NYSE.
#CryptoPickk notes the following:
1) Twitter price has been falling for multiple months after the price met an all time high around $80. It has been supported in the past by a multi-year trendline (in red).
2) Based on the Fibonacci Retracement, the price bounced off of the 0.618 level around $43. Generally at this level, price tends to have a reversal so we may be able to see upside from here.
3) The RSI (relative strength index) is in the oversold territory and about to touch an area where it has reached a few times in its history. From this point, there is usually a bounce.
4) The Stochastic RSI (Stoch RSI) is in the oversold region and looks like it may be forming a double bottom before a move up.
5) The Money Flow Index (MFI) recently formed a double bottom and moving back up.
6) The MACD is still oversold.
7) The Sell Volume has been significant over the past few weeks but has been decreasing. This may show the Sellers are losing steam.
8) In the news, Jack Dorsey has decided to step down as CEO of Twitter to focus on Square Inc. He will be replaced by the current CTO, Parag Agrawal, who has been with the company for many years.
9) The price has the potential to get back to the $80 price range, which would be a 83%-84% gain. It may come with volatility.
What are your opinions on this?
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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! #cryptopickk
