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Twitter Finds Intraday Support


Twitter (NYSE:TWTR) shows an intraday bullish reaction that converges with a Fibonacci retracement level. This bounce confirms the consolidation structure that the social media company develops.

The TWTR short-term picture, in its hourly chart, illustrates a downward process that began on February 20th when the price started to decline from $39.06 per share. The three-wave structure found support and fresh buyers at $20.01 on March 18th, from which Twitter began developing a leading diagonal pattern.

The impulsive structure that follows an internal 3-3-3-3-3 sequence, and has its five overlapped segments of Minuette degree in blue, completed its structural series on April 30th when the price found resistance at $31.49 per share. Once finished the leading diagonal formation, TWTR ended a wave ((i)) or ((a)) of Minute degree identified in black and by the Elliott wave theory, started to develop a corrective wave of the same degree.

When the leading diagonal ended, TWTR began to decline and touched a lower low that violated the zone of wave (iii) of Minuette degree. This first decline confirms that the social media company started a corrective structure, which we identify as wave (a) of Minuette degree in blue.

After wave (a) finalization, TWTR bounced until $29.97, creating a lower high that corresponds to wave (b) in blue. The following decline corresponding to wave (c) found an intraday support at $27.12, which converges with 38.2% of the Fibonacci level of wave ((i)) or ((a)) in black.

Despite the intraday bounce, the short-term bias remains on the bearish side. However, the breakout above the descending guideline that connects the origin of wave (a) with the end of wave (b) would confirm the bullish bias and the start of wave ((iii)) or ((c)) of Minute degree.

For the following trading sessions, we expect the completion of the current corrective structure in progress, which could boost TWTR to a new higher high. Twitter could rise to fill the bearish gap opened between $36.84 and $38.30.

Source: https://www.cryptorocket.com/news/twitter-finds-intraday-support/
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