The lawyers will be busy billing the parties involved as the Elon Musk and Twitter (TWTR) story moves from San Francisco to the courts in Delaware, my new home state. Local reporters from WPPX, WRDE, WBOC and others will get a chance to be recognized by the "big leagues."
I have been on Twitter since 2013 and can't wait for the "circus to come to town" to the Delaware Court of Chancery in Wilmington.
Meanwhile, let's check out the charts of Twitter.
In the daily bar chart of TWTR, below, we can see some bottoming price action in January to early March before the April upside gap on the heels of Elon Musk's bid for the company. The "Musk Takeover Rally" fizzled out fairly quickly, however, and now the shares are back down retesting the February/March lows. Prices are below the declining 50-day moving average line and below the declining 200-day line.
The On-Balance-Volume (OBV) line is slightly higher than its early March nadir but does present a compelling picture of accumulation. The Moving Average Convergence Divergence (MACD) oscillator is back below the zero line and pointed lower.