Twitter Inc. Shares (NYSE: TWTR) traded higher on Wednesday after the company announced two new features for the social media platform.
Twitter announced “paid spaces” and “super follows”, which are new ways for Twitter users to monetize their content and get paid for what they put on Twitter.
Twitter gained 4.25% on Wednesday, closing at $ 66.49.
Daily Twitter Charts Analysis
- Stocks trade in what technical traders call an ascending triangle pattern. The stock traded above resistance for a while, but fell below and found support along the lower trendline.
- The stock is trading above the 50-day moving average (green) and the 200-day moving average (blue), indicating that sentiment towards the stock is likely bullish.
- Each of these moving averages can constitute a support zone.
Key Twitter levels to watch out for
- The action was trading above resistance but fell back below resistance and again found support on the lower trendline. The title then broke through resistance and has since risen.
- The $ 55 previously held as resistance before the stock could break above; now the level may become support as the price is trading above the level.
- Twitter has just been overbought on the Relative Strength Index (RSI). The overbought range starts at 70 and goes up to 100. Twitter passed 70 on Wednesday and now sits at 75.
What’s next for Twitter?
Bullish technical traders would like to see the stock continue to form higher lows and move higher. As long as the stock is forming higher lows, the bulls will remain in control of the stock.
Bearish technical traders would like to see the stock drop below the $ 55 mark and start to fall. If the stock can move below the highest low trendline, the stock may experience a bearish push down and a possible trend change.
© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.