Twitter Holds Key Support, Rally Likely
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Twitter held its key support level and bounced ~15% after an earnings beat. The stock broke above a 7 month downtrend, and is pushing up against a key Fibonacci retracement level. Based on the chart, the stock looks poised to continue its rally to its 200 day moving average at $17.53, representing 6.5% upside from current levels. $19.70 is the next target (19.5% potential upside).
CEO Jack Dorsey just purchased 500K shares, bringing his total purchases to 1M in 2017. His other company, Square, has been performing well. Twitter is an amazing platform, that can be monetized in so many different ways.
Everybody hated Facebook at ~$18. Twitter is one of the most hated stocks on the street, and rightfully so, it's been an utter disappointment since IPO. I'm not saying that Twitter will go on an incredible Facebook-like run, but if Dorsey executes even in the slightest bit, this could be a double.