Market Overview

Twitter 'Obviously' About To Do Something

Twitter 'Obviously' About To Do Something

Anne-Marie Baiynd was recently a guest on #PreMarket Prep, a daily trading idea radio show hosted by Joel Elconin and Dennis Dick.

  • Twitter Inc (NYSE: TWTR) has declined more than 43 percent over the past six months.
  • "The Trading Book" Author and Financial Analyst Anne-Marie Baiynd said that the price action indicates that it is "obviously getting ready to do something."
  • Baiynd said that Twitter has been trading from $26.60 to $28.50, with good buying seen at the lower end. The tight range suggests to Baiynd that a move is upcoming.

Technical analyst Anne-Marie Baiynd said that Twitter's price action is surprising her. Since the last down move, the stock has settled within a $2 range between $26.60 and $28.50, with strong buying at the low end. For Baiynd, the stock is "obviously getting ready to do something."

While Baiynd said she is not sure what direction that next move will be, she suggested that buyers are getting "exhausted," from a momentum perspective. Twitter's 50-day moving average is also drawing price action, Baiynd said. That is currently located around $27.50.

Year-to-date, the stock has declined 24 percent, with all of those losses coming since the company reported its Q1 earnings in April. Baiynd didn't comment on Twitter fundamentals, but many traders are looking to the CEO search to yield positive company news. On Monday, SunTrust's Bob Peck questioned why the search is taking so long.

Latest Ratings for TWTR

Feb 2021Canaccord GenuityMaintainsHold
Feb 2021MKM PartnersMaintainsBuy
Feb 2021JP MorganMaintainsOverweight

View More Analyst Ratings for TWTR
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