Twitter Still Looks Bullish, Small Adjustment to My Risk Suggestion

 | Feb 16, 2018 | 11:40 AM EST
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Twitter Inc. (TWTR) was reviewed just the other day and I wrote "Bottom line -- TWTR continues to trade firm and we should raise our targets. TWTR could reach the $36 area with $45 the next upside price target after that milestone. A close below $28 could mark a reversal." TWTR continues to trade inside the big high/low range set on February 8th, but let's check for any new clues.

In this daily bar chart of TWTR, below, we can see that prices are still holding in a $30-$35 range. We might see another dip into the lower half of that range but the firmer that prices hold the more likely, I feel, that prices will move higher. The moving averages are still positive as is the On-Balance-Volume (OBV) line and the Moving Average Convergence Divergence (MACD) oscillator.

In this weekly bar chart of TWTR, below, all the signals remain positive.

In this Point and Figure chart of TWTR, below, we can see the consolidation developing after the steep rally from September. A trade at $36 will be a small but fresh breakout and a decline to $29 will get our attention.

Bottom line: The price gap on TWTR is relatively new but the uptrend got started back in September and is likely to persist. Longs should continue to hold and raise stops to a close below $29.

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