The Darkest Hour of the Night...
TWRT has been through some dark days; the stock has lost more than 35% of its value in less than 2 months, but as the saying goes, the dawn comes right after the darkest hour of the night...
By the end of 2018, TWTR tested the swing lows and started a new bullish trend after forming a double down pattern (not shown on the graph). As the trend continued and the stock pushed higher and higher, the price movement formed a raising wedge pattern which is known as bearish. On September 5th, the price surprisingly broke out of the pattern from the upper side. Soon later, however, the pattern got busted and the price moved back into the boundaries. Pushing lower and lower every day, TWTR has lost third of its value now and it seems to me that the shorts are gradually being covered. Bulkowski's Measure Rule defines the price target based on the width of the pattern. In the case of this pattern, the width is ~11.00 (~29.00%) and the price is already trading this much below the breakout price. Not the mention, bearish momentum is decreasing in the market too.
As of now, I have no position in TWRT, but I will closely watch the stock in the following days. Among many things, I am particularly looking for a washout volume. If this analysis helped, please consider supporting the page by liking, sharing, and following. By the way, my previous analysis on gold is already in profit; check it out here...
Cheers!
By the end of 2018, TWTR tested the swing lows and started a new bullish trend after forming a double down pattern (not shown on the graph). As the trend continued and the stock pushed higher and higher, the price movement formed a raising wedge pattern which is known as bearish. On September 5th, the price surprisingly broke out of the pattern from the upper side. Soon later, however, the pattern got busted and the price moved back into the boundaries. Pushing lower and lower every day, TWTR has lost third of its value now and it seems to me that the shorts are gradually being covered. Bulkowski's Measure Rule defines the price target based on the width of the pattern. In the case of this pattern, the width is ~11.00 (~29.00%) and the price is already trading this much below the breakout price. Not the mention, bearish momentum is decreasing in the market too.
As of now, I have no position in TWRT, but I will closely watch the stock in the following days. Among many things, I am particularly looking for a washout volume. If this analysis helped, please consider supporting the page by liking, sharing, and following. By the way, my previous analysis on gold is already in profit; check it out here...
Cheers!
הערה
עסקה פעילה
העסקה בוטלה באופן ידני
Tensions are raising in the Middle East again and I speculate things are going to get worse for the stock market. Price of gold has been on a surge to above the 1500 level; Cryptocurrencies and oil are behaving in the same way too and this is very alarming for the stock markets around the world. I am watching the things as they are unfolding and I prefer to close some of positions until things will get settled. Closing this position here...Entry @ 29.21
Exit @ 31.52
Profit 7.91%
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