Twilio Poised for Another Upward Try

 | Apr 19, 2017 | 2:54 PM EDT
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San Francisco-based Twilio (TWLO) hasn't been trading for long but after an initial June through September rally that was given back in the next three months, the shares now look set to try the upside again. This possible upside move comes after basing out around $30. A five-month base pattern could be bigger but it looks capable of supporting a near-term advance to the $41-$42 area.

I have often commented in Kamich's Korner here on Real Money that new issues can be a problem for technical analysts who need price history and volume history to give a reasoned price projection. It seems that TWLO is showing the right kind of price action to inspire us.

In this daily bar chart of TWLO, above, we have selected shorter moving averages -- a 20-day and a 50-day moving average. Prices are above these moving averages and they are both poised to turn up. The On-Balance-Volume (OBV) line has moved sideways since November but shows positive movement this month. It would not be a surprise to see the OBV line move above its February high before TWLO moves above $35, its February high.

This Point and Figure chart of TWLO, above, shows what could be a double-bottom pattern with the first low at $26.19 and the second low at $26.99. A breakout over $34.61 would open the way for possible gains to $41.18.

Bottom line: Aggressive traders could probe the long side of TWLO here risking a close below $27.50. Add to longs on a close above $35. Target $41-$42.

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