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From: Mike's Mid-Day Minute <mikesmidday@advicetrade.com>
Date: Sat, 10 May 2014 09:02:10 -0400 (EDT)
To: <mainandwall@comcast.net>
ReplyTo: mikesmidday@advicetrade.com
Subject: Mike's Call of the Week - Twitter (TWTR)
| | Mike's Call of the Week Saturday, May 10, 2014 |
| Twitter Meets Both Our Downside & Upside Calls By Mike Paulenoff, MPTrader.com
Our Twitter (TWTR) calls this week were successful on both the initial downside and the recovery rally.
On Tuesday May 6 we noted that "all roads point to a test of the lower channel line off the February high." Our chart indicated that a 1% downside penetration of the lower channel boundary would project into the 31.80/75 target zone prior to our expected recovery rally.
Indeed, Twitter, which was trading at 33.36 at the time, reached our downside target at the open on Wednesday and actually dropped below 30.
We put on a long trade at 30.80 on Wednesday and rode it for a 5% gain in 1 day (Twitter got as high as 32.98 on Thursday).
My near-term pattern work on TWTR argues that the stock is in a partially completed initial recovery rally phase that has unfinished business on the upside to a minimum target of 33.70-34.00 and an optional target of 35.50 to 37.00.
See our chart below from Wednesday. |
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