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TWTR: Has it Completed a Near Term Correction?


Earlier this afternoon, I entered a new long position at 49.07 after Twitter, Inc. (TWTR) pressed to a new corrective low at 48.66 off of its March 25 high at 52.20.

The fact that TWTR “bears” had a chance to inflict more series damage by pressing TWTR further below the prior pullback low at 48.870--and below the Jan-Mar support line at 46.60--but failed to do so, was an indication that the correction might be exhausted.

So far, TWTR has climbed to the 49.60/65 area in what is looking like a significant, near-term upside reversal.

That said, my work needs to see TWTR trade (but not necessarily sustain) the 50.00 level to trigger signals that TWTR has ended a correction, and is in the initial stages of a new upleg that projects to 54.00.

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