When we last reviewed Twitter Inc. (TWTR) on July 23, we said, "Third time's the charm? Aggressive traders could go long TWTR at current levels risking a close below $34. The $53 area is our price target."
Let's check and see how things are working out.
In the updated daily bar chart of TWTR, below, we can see that the shares have moved higher since our late July review and have broken above the February highs. Prices remain above the rising 50-day moving average line and above the rising 200-day moving average line.
The trading volume diminished in August compared to July but the On-Balance-Volume (OBV) line has moved to a new high telling me that buyers of TWTR have been more aggressive. The trend-following Moving Average Convergence Divergence (MACD) oscillator remains in a bullish alignment above the zero line and has curved upward to a fresh buy signal.