themarketzone

Crashed from weekly trend line

NYSE:TWTR   TWITTER INC
TWTR's buyout bubble was burst last week and it happened exactly when TWTR             tested a weekly downtrend line.
TWTR             will probably continue lower towards 17-18$ there it will find a weekly support zone that includes:
1. A weekly uptrend line.
2. The Fast MA line
3. The 50 MA line
4. Weekly structure

Due to the strength of TWTR's bearish move, I would suggest to wait for bullish confirmation signals before trying to catch this falling knife.
Also, another thing to consider, is SPX's bearish potential.
If SPX             will decline, TWTR             will fall with it.

Read more about SPX             in the link below
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Comment: Inside the potential buy zone. Looking strong (for now) despite the falling markets
I'm not sure of TWTR's correlation to SPX.

If news arise of a new buyer, it'd rally just the same.

Waiting for smaller range down bars before going long on strength is wise, agreed.
Reply
If it'll move on news, yeah you are right - No correlation is required.
+1 Reply
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