Twitter Revisiting Former Major Resistance Level
Joel Elconin is the co-host of Benzinga's #PreMarket Prep, a daily trading idea radio show.
Twitter Inc (NYSE: TWTR) shares are trading lower by $1.65 at $50.38 in Friday's session. Since clearing the key $50 resistance level on April 6, it quickly added another $3 before putting in a pair of highs just under the $53.50 level on April 7 ($53.28) and April 8 ($53.49).
Since that day, it has traded in a narrow trading range from $50.68 to $52.99, before breaching the lower end of the range in today's session, reaching $50.32. That marks the lowest level for the issue since it bottomed on April 6 ($49.87).
It has not closed under $50 since March 30, when it ended the session at $49.89.
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