Since the last 8 Trading sessions, TWTR looks like forming a Descending Triangle. An ideal Descending Triangle trade happens when the Big move out of the triangle takes place at the 60 – 75% length of the Triangle. As seen in the chart this stage looks like now.
A down move out of the triangle can take to levels of $50. On the upside, resistance is seen at $60 which happens to be the 50 DMA.
Overall tone for the week ahead looks to be Bearish.
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 3rd March.
Buy above 55.30 Tgt 1 – 56.60, Tgt 2 – 58.20, Tgt 3 – 59.40
Sell below 55.30 Tgt 1 – 53.70, Tgt 2 – 52.50, Tgt 3 – 50.80
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!!!