Twitter seems to have formed a Bullish Harami pattern on the weekly charts. It had broken out of the Trading channel last week. My sense is that for Twitter to be Bullish it has to convincingly close above the 50 DMA which is around $60. A strong close above it can lead to levels of $67.
Profit booking or any downside can take it back to the upper channel line at around the $54-$55 levels.
So overall, the tone for this week is mildly Bullish with good possibility of profit booking.
As usual, the market will decide it’s course of action. All we need to do is follow what it does.
Following are the Trading levels for WS 18th Feb
Buy above 56.30 Tgt 1 – 60.20, Tgt 2 – 62.90, Tgt 3 – 66.80
Sell below 56.30 Tgt 1 – 53.50, Tgt 2 – 49.60, Tgt 3 – 46.90
Very Important – DO NOT TRADE WITHOUT STOP LOSS. Use sound Money Management with your Trading Plan and do not over leverage vis-a-vis your trading equity.
Have a Profitable Trading week ahead!
To your Boring Success!!!