Twitter Hits our Downside Target
by Mike Paulenoff
March 29, 2014 • 12:00 AM EDT
Back on February 20th, with Twitter at 56.65, we wrote: "The fact that TWTR sold off hard from yesterday's high and is struggling today suggests strongly that it started a new corrective down leg at 60, and should be heading for a probe of the post-EPS low -- and possibly a break towards 45.00 thereafter."
Twitter went on to close at 44.43 this past Wednesday Mar 26, and has since rallied to 47.30.
Twitter needs to climb above 50.00-.20 to signal that a significant corrective low has been established.
Mike Paulenoff is the author of MPTrader.com, a real-time diary of his technical analysis & trade alerts
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