Below is what we discussed yesterday about Twitter, Inc. What a difference a day makes, eh? TWTR has broken above its prior rally peak at 46.55, which preserves the series of higher-highs and higher-lows off of it Aug 8 post-EPS low at 42.51.
As long as key support at 45.95/75 remains viable, my next immediate target is 48.00. MJP 8/26/14
On one hand, Friday’s upside breakout above key resistance at 45.80 triggered near-term signals that project to 48.00 next.
On the other hand, the upside ”breakout” had been under-whelming, to say the least, which is a cautionary message that suggested to me to raise my protective stops.
At this juncture, I don’t want to see TWTR break below 45.73, however, the rounded corrective-base formation will not be compromised unless, and until, 44.80 is violated.
With that in mind, I remain long with stops at 44.75. MJP 8/25/14