On Wednesday morning Twitter released a new job posting for an internal team codenamed “Gryphon.”
In the job listing, the company noted that they were working to build a subscription-based platform.
Twitter’s stock price NASDAQ: TWTR soared on the news.
The company has since removed this wording from the job listing.
Twitter (TWTR) closed up over 7% on the day (Wednesday).
Let’s review the weekly cycle analysis.
Twitter (TWTR) Weekly Chart
At askSlim we use technical analysis to evaluate price charts of stocks, futures, and ETF’s. We use a combination of cycle, trend and momentum chart studies, on multiple timeframes, to present a “sum of the evidence” directional outlook in time and price.
askSlim Technical Briefing:
This news could not have come at a better time according to our analysis.
The weekly cycle analysis suggested that TWTR was due to form an intermediate-term low. The projected low is due to form between early July and early August. TWTR’s weekly momentum has now turned positive.
On the upside, there is a resistance zone from 39.64 – 40.32.
On the downside, the stock has rising intermediate-term supports from 30.47 – 28.47. For the bears to regain control of the intermediate-term, we would need to see the stock trade below the cycle low support at 28.23.
askSlim Sum of the Evidence:
TWTR is in a very bullish weekly cycle pattern with positive momentum. Given these conditions, there is a likelihood that the stock retests the prior swing highs around $40 by late-fall of this year.
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Any opinions expressed herein are solely those of the author, and do not in any way represent the views or opinions of any other person or entity.