Cup with Handle Breakout on TWTR Weekly Chart
Recommending a new long on TWTR (Twitter) based upon a cup with handle pattern possibly breaking out to the upside. To confirm TWTR also has a rising 20 and 50 period EMA. Both the 20 and 50 have also just crossed the 200 day EMA to the upside.
This is a momentum trade so do not enter early or jump the gun. We need to see a breakout "thrust" above last weeks high to confim entry. In other words buy high and sell higher. It either has the momentum or it doesn't.
As far as fundamentals I really don't do that much research on fundamentals. I apologize. I am strictly a technical trader and believe that all fundamental information is already reflected in the price of the stock. Please feel free to add fundamental info to this post if needed. Thank You.
- Recommended entry: 51.70 (Buy Stop Limit) with bounds
Recommended Stop: 45.10 (Sell Stop Market) below last support valley of 3/9/15
Profit Target: 1.5 to 2 x Risk or greater (traders choice)
This is a momentum trade so do not enter early or jump the gun. We need to see a breakout "thrust" above last weeks high to confim entry. In other words buy high and sell higher. It either has the momentum or it doesn't.
As far as fundamentals I really don't do that much research on fundamentals. I apologize. I am strictly a technical trader and believe that all fundamental information is already reflected in the price of the stock. Please feel free to add fundamental info to this post if needed. Thank You.
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