It hasn’t always been a smooth ride, but Twitter has chopped higher since the fourth quarter. Now it may be poised for continuation to the upside.
The bulls started logging on to the social-media stock in February as enhancements like direct-response (DR) advertising and mobile application promotion (MAP) drove engagement. The earnings have been mixed, especially with slow user growth. However the underlying trend of increased monetization remains the key driver.
TWTR crashed on April 30 following inline quarterly results. It then held the 200-day simple moving average (SMA). It also stabilized at a long-term support line around $53.50, which dates back to an old high from April 2015.
Next, the 8-day exponential moving average (EMA) just crossed above the 21-day EMA. MACD has also been climbing. Both of those suggest shorter-term momentum is turning bullish.
Finally, you have the gap from April 30. TWTR closed on Friday at its highest level since the drop. Given how long it’s stabilized, traders may look for the stock to run higher and fill that gap.
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