The stock ($TWTR) tested the declining 100-day moving average yesterday again, before reversing to the downside. This daily moving average line continues to be strong resistance as we have tested it every day since Wednesday but never
closed above. The stock needs to close above this obstacle to be able to climb higher in the next sessions.
From a technical standpoint, daily technical indicators are beginning to turn bullish. The daily MACD has crossed above its signal line, but still in negative territory, which indicate the mixed trend. However, RSI and slow stochastic are both inside their Bullish zones. On watch.
This is a guest post by António Costa, acclaimed trader and the popular author of AC Investor Blog. All views and analysis belong to the author.