Twitter on track to tackle main downward trend line - Analysis - 09-08-2022

Economies.com
2022-09-08 12:35PM UTC

Twitter's stock (TWTR) surged after the Wall Street Journal reported a court in Delware decided Elon Musk could change his case against the social media company, which he agreed to purchase for $44 billion, however Musk refused to delay court to November, with the stock rallying 6.60%, or 2.55 points, settling at 41.20, with trading volumes surpassing 18.2 million shares, above 10-day averages of 11.6 million shares. 

 

Technically, the stock managed to shake off negative pressure from the 50-day SMA, with positive divergence forming in the RSI after reaching oversold levels, with positive signals out  of it, however the main downward trend remains dominant. 

 

Therefore we expect more gains for the stock, targeting the pivotal resistance of 45.00, provided the current resistance of 40.95 holds on.

 

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Expected trend for today: Bullish

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