TWTR finds buyers again around 36.97
Twitter Inc. (TWTR) Technical Analysis Report for Jul 11, 2019 | by Techniquant Editorial Team
Moving lower for the 2nd day in a row, TWTR finished Thursday at 37.21 losing $0.26 (-0.69%), underperforming the S&P 500 (0.23%). Closing within the prior day's range, prices failed to decisively move beyond the previous day's trading range.
Daily Candlestick Chart (TWTR as at Jul 11, 2019):
Thursday's trading range has been $0.90 (2.39%), that's slightly above the last trading month's daily average range of $0.88. Weekly volatility is also higher, being slightly above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for TWTR.
During the whole day, prices traded within the prior day's range, unable to trade above the previous day's high or below the prior day's low forming an Inside Bar.
Prices are trading close to the key technical support level at 36.60 (S1). After having been unable to move lower than 36.88 in the previous session, Twitter found buyers again around the same price level today at 36.97. The last time this happened on July 3rd, TWTR gained 0.64% on the following trading day.
The market shows strength in the short-term supported by its long-term uptrend with only the medium-term trend being bearish.
Buying might accelerate should prices move above the nearby swing high at 38.03 where further buy stops could get activated. Further buying might move prices higher should the market test June's close-by high at 38.64.