Last night Twitter (TWTR) debuted Thursday Night Football, the Jets-Bills game was streamed live on Twitter. Even though I think they can improve it by maybe allowing you to wager on the game, see some local restaurant ads in case you want to order food, etc, it was awesome. There’s no need to invite friends over, you can watch the game and interact with thousands of people all over the world and debate it back and forth without spitting at the guy next to you or the food. I think it will have bullish implications for the stock.
The stock itself has been forming a base for roughly 8-months after being in a downtrend since April of 2015. Very simply, the sellers were completely in charge, every uptick to the 20 and 50-day moving average was sold. At the beginning of the year the buyers and sellers found equilibrium, hence the beginning of the base.
The buyers are now taking control, you can see that by the pattern of higher lows that started in June, they weeded out the big sellers and you can argue that the stock has a brand new set of stockholders. Twitter right now is sitting on top of its 8-month base and bouncing off it. The stock looks promising here at these levels and move to $24 is not out of the question. A break of the $17.50 level would take this stock back to the bench.
My opinion and outlook are subject to change as new information comes in.
Frank Zorrilla, Registered Advisor In New York. If you need a second opinion, suggestions, and or feedback in regards to the market feel free to reach me at email@example.com or 646-480-7463.
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