TWTR appears to be marching toward the bull flag price target near 74. Even on Christmas Eve with an abbreviated trading session, its stock price advanced with conviction and heavy volume. It has reached the 141% Fib extension target and more. It is currently sitting near the 80% of the bull flag projected move. The full extent of the bull flag move is near the 74 level. As TWTR make its way to the 74 level, it could encounter resistance at the 161% Fib extension which is slightly under the 74 level. Having the price near the 80% of the projected measure move and nearing the 161% Fib extension, these technical factors could become the catalyst for a pull back since TWTR has gained more than 25% in the last 4 trading sessions.
For the longs, be vigilant and protect your profits by adhering to your stop (physical or mental). And for those that are contemplating on shorting TWTR, if you are not planning to day trade then wait for the sign of a trend reversal before initiating possible swing short. The momentum is on the side of the long until the price action has indicated otherwise.
Note: I can be followed on twitter under @smtraderCA or on stocktwits @smtrader.
Disclosure:
Long TWTR.
