Twitter Inc (NYSE:TWTR) is ripping higher today. The stock is trading at 32.32 +1.81 (5.93%). Many woke up this morning, shocked the stock was moving up after showing relative weakness the past few days. To those that recognized the daily chart pattern, this was no shock. They all are making great profits on Twitter Inc.
Twitter Inc. had put in a major volume day weeks ago called capitulation. This signals a bottom. After bouncing higher for a few days, Twitter Inc began to fade. Smart investors recognized that the slow pull back was on extremely light volume on the Twitter Inc chart. This means no large institutional sellers. In addition, the slow fade was forming a classic bullish consolidation pattern. Today, the results are being seen in Twitter Inc. This rally should continue for a few days, potentially back to the $$35.00 level. Twitter Inc has quite a few shorts that may look to cover in the coming days.
Gareth Soloway
InTheMoneyStocks
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