TWTR had a great week this week, huge full bodied green candle. Volume wasn't as good as previous push up. If we get a red week next week, it will paint a bearish divergence on the RSI weekly. We are now touching a possible downward trendline. Daily reveals a parabolic movement up.
Risk:reward tilts towards a short play. Short this resistance level now if you dare, but I recommend waiting for a break down from the parabola or a confirmed weekly bear div.
Risk:reward tilts towards a short play. Short this resistance level now if you dare, but I recommend waiting for a break down from the parabola or a confirmed weekly bear div.
Comment:
Here is a real short opportunity. At major weekly trendline resistance. 15 minute:
retraced half way up the high volume red hammer. Parabolic advance on weekly will eventually break down:
I am not taking the short because we are just trending too strong up, very unlikely to succeed despite good r:r.
Comment:
Trade set up still looks good. The further up the parabolic trend TWTR gets the better the risk:reward for shorting the break of parabolic trend.
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Still watching for that short entry :)
Comment:
It appears we will have a weekly close below the parabolic trend this week, following a 1 (arguably 2) part bear div on weekly RSI.