Twitter - Bullish
Weekly candle chart...
Primarily, what we are looking at here is the large falling wedge pattern that has taken shape to precision. A falling wedge is widely considered long term bullish. Further information can be found here:
stockcharts.com/school/doku.php?id=chart_school:chart_analysis:chart_patterns:falling_wedge_reversal
In order for this chart to remain bullish, two things must happen: 1) The support line must not break (specifically at the end of the week as these are weekly candles; but, any lack of support near this line is a bearish sign) and 2) Definitively breaking above the upper trend line on volume should result in a sustained breakout.
There are multiple ways to play this stock depending on your risk tolerance. 1) You may take the most risk and buy immediately as the price is just above the support line. 2) You may take moderate risk by buying once the weekly Parabolic SAR indicator shown flips to "bullish". 3) Low risk...buy on the breakout above the upper trend line (at this point you can flip the stock since gains should be fast or you can hold longer term). 4) Safe...let the breakout occur and then buy if the price retraces to near the original support line (it often doesn't for a long time, at which point it may just be too expensive to consider buying anyway.
...my advice is to do #2 because the PSAR is already extremely close to the current price and the added risk of #1 only gains a tiny bit more profit for much more risk. The technical trading event of the parabolic SAR flip will likely cause extra buying pressure, at which point you may set a sell stop at you original cost basis if you wish to eliminate risk from that point on.
Primarily, what we are looking at here is the large falling wedge pattern that has taken shape to precision. A falling wedge is widely considered long term bullish. Further information can be found here:
stockcharts.com/school/doku.php?id=chart_school:chart_analysis:chart_patterns:falling_wedge_reversal
In order for this chart to remain bullish, two things must happen: 1) The support line must not break (specifically at the end of the week as these are weekly candles; but, any lack of support near this line is a bearish sign) and 2) Definitively breaking above the upper trend line on volume should result in a sustained breakout.
There are multiple ways to play this stock depending on your risk tolerance. 1) You may take the most risk and buy immediately as the price is just above the support line. 2) You may take moderate risk by buying once the weekly Parabolic SAR indicator shown flips to "bullish". 3) Low risk...buy on the breakout above the upper trend line (at this point you can flip the stock since gains should be fast or you can hold longer term). 4) Safe...let the breakout occur and then buy if the price retraces to near the original support line (it often doesn't for a long time, at which point it may just be too expensive to consider buying anyway.
...my advice is to do #2 because the PSAR is already extremely close to the current price and the added risk of #1 only gains a tiny bit more profit for much more risk. The technical trading event of the parabolic SAR flip will likely cause extra buying pressure, at which point you may set a sell stop at you original cost basis if you wish to eliminate risk from that point on.
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