All that buzz about Elon Musk joining Twitter’s board (or not) ain’t doing their shares any favors right now, but can price find support anytime soon?
Take a look at what’s happening on the daily time frame:
Twitter (TWTR): Daily
Twitter (TWTR) shares are back in selloff mode after hitting a ceiling at the long-term falling trend line that’s been holding since last year.
Technical indicators confirm a continuation of the decline, but just how low can it go?Moving averages are hinting that bearish pressure could still pick up from here, as the gap between the 100 SMA and 200 SMA is widening.
Stochastic is also just halfway through on its move down to the oversold region, so there’s plenty of selling momentum to go around before bears get exhausted.
In that case, TWTR could still fill that gap until the area of interest around $40, which happens to be in line with the 100 SMA dynamic inflection point.
A break below this area could clear the way for a move down to the lows closer to $30. If support holds, on the other hand, it could be a good chance to buy the dip!
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