Market Overview

Twilio Is Tumbling

Twilio Is Tumbling
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Twilio Inc (NYSE: TWLO) shares are trading lower by $6.45 910 percent) at $54.13 in Monday's session. Investors have turned cautious on the issue after the company announced a $400 secondary offering million on Friday.

The issue, which ended its first session on June 23 at $28.79, reached $70.96 on September 28 and posted its all-time closing high that same day at $68.97. Since reaching that elevated level, it has traded lower in five of its last seven sessions, with today replicating the $4 decline the day after making its all-time high.

Related Link: Chowdhry: Twilio And Nutanix Are Marching In The 'Junk IPO Parade'

After a lower open, it failed to reach the lower end of Friday's range ($59.27), as $58.91 stands as the intra-day high. It has continued to make new lows on the session, with current one standing at $54.18.

If the decline continues over the next few days, based on the daily charts, there may not be any major support until the $53.50 area, where the issue made a pair of lows on September 15 ($53.26) and September 16 ($53.66).

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