Twitter steadies at positive zone - Analysis - 06-05-2022

Twitter's stock rose after Saudi investor Waleed Bin Talal indicated plans to maintain his 35 million shares in the company, while Elon Musk presented details on a new $7.2 billion investment line to purchase Twitter, leading to gains of 2.65%, with trading volumes surpassing 60.4 million shares.

The stock held above the resistance of 50.19, representing the ratio 38.2% of Fibonacci retracement levels for a descending wave in the short term, while trading above the 50-day SMA, coupled with positive signals from the RSI.

Therefore we expect the stock to rise and target the next resistance at 56.03, representing the ratio 50%. 

Expected trend for today: Bullish