Fight over Twitter stock price at 60-day high, good time to invest?

  • Twitter’s stock price is performing well during the retest of the $52 resistance zone.
  • On a daily and weekly timeframe, the TWTR price remains above the EMA ribbon indicator.
  • The pre-market open points to a price at $50.15, up 0.42% on Thursday, October 13.

Recently, Elon Musk relaunched his offer to buy Twitter. On October 4, Elon Musk again made an offer to buy a Twitter at the original price of $54.20 per shere. Behind the announcement, Twitter price jumped over 12.18% on the latest weed and recorded the highest week bull since late March. Excitement is clearly visible among investors following Musk’s announcement, but let’s see if that enthusiasm will level off or not.

In recent weeks, speculators have noted high volatility in Twitter’s stock price, where a yearly low of $31.30 was reported in February. On the other hand, the price action shows a bullish mode these days. 2022 looks to be a good year for investors so far, compared to 2021. Buyers are happy after prices rallied in October.

The opening pre-market session suggests a price at $50.15, up 0.42% on Thursday, October 13. Last night’s price, reported at the $49.94 level, was down 0.26%. Although Twitter’s weekly price action shows a trend towards higher lows as the price approaches the $52 level as an immediate bullish hurdle.

The buyers are aggressively accumulating the Twitter price due to the price durability above the EMA ribbon indicator whether on a daily or weekly time frame. Additionally, Weekly RSI will be ringing the bell for an extreme overbought zone, which is a positive sign for buyers and investors.

On October 4, when Elon Musk announced, Twitter’s stock price rose more than 22% in one day. However, later it entered the sideways territory below the $50 resistance. Now buyers are struggling with a 400 day simple moving average for more profits.

On the daily price chart, the RSI reverses towards the half line. On the other hand, MACD continues to expect higher in the positive return.

Conclusion

Twitter stock price remains below the $52 resistance level. In the weekly timeframe, the RSI indicator suggests intense support for bulls as its peak crosses below higher territory. Also, on the daily price, the RSI shows slightly weak momentum in the stock price.

Resistance level – $52 and $70

Support level – $40 and $30

Disclaimer

The views and opinions expressed by the author, or anyone named in this article, are for informational purposes only, and they do not constitute financial, investment or other advice. Investing in or trading crypto assets involves the risk of financial loss.

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Karen J. Nelson