Market Overview

Twitter Approaching Critical Support Level

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Twitter Inc (NYSE: TWTR) shares were seen trading lower by $1.12 in Wednesday's session. The issue has now given back all of its gains accrued over the last three sessions.

After a lower open, it managed a brief bounce but found resistance ahead of Tuesday's close ($19.49), only reaching $19.25, before continuing its move lower. So far, the ensuing decline has taken the issue to $18.22 and is not far off that level.

The issue is now approaching a critical support level. Following its initial two-day rally post-Q1 beat, it made a string of eight consecutive lows (May 3 to May 12), in a very tight area from $18.15 to $18.34. If that level is breached based on the daily charts, the issue may not find support until its May 2 low of $17.35.

Posted-In: Technicals Intraday Update Movers Tech Trading Ideas

 

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