Chart Analysis – $TWTR

Much brouhaha about the Twitter rally in the past few days has got me watching the chart quite closely. It is still in a downtrend, so I’m looking at this strength as an opportunity to get short the name. The only issue that concerns me is the chatter about Carl Icahn, though chatter is chatter and not a trade plan.

TWTR - Weekly - 8 January 2015
TWTR – Weekly – 8 January 2015

Looking at the weekly chart above, it is clear that there is definite supply from 41.27 – 43.94, and that the market is in a downtrend, making lower highs. I’ll be looking to get short into that – probably sometime next week I’d imagine. My stop is above the zone and I’ll be looking for it to print below 30. There really hasn’t been a “blow-off selloff” in this stock, so I am waiting for that before I consider getting long.

Indexes Holding Demand – 9 July 2014

So we’ve sold off for two days and I think the selling is done for now. The Russell 2000 ($IWM) is down 3.83% over the two days, which is a fairly large move. All of the indexes hit daily demand yesterday so I took the opportunity to get long in a number of names, namely

  • SSYS
  • LNKD
  • TWTR
  • TSLA
  • IWM
  • BMRN
  • AMZN
  • NTES
  • SPWR
  • TTWO

While we are in an uptrend, I am buying dips and I consider this a dip.

$COMPX - Daily - 9 July 2014
$COMPX – Daily – 9 July 2014
$DJI - Daily - 9 July 2014
$DJI – Daily – 9 July 2014
$INX - Daily - 9 July 2014
$INX – Daily – 9 July 2014
$RUT - Daily - 9 July 2014
$RUT – Daily – 9 July 2014

We have had a big run, so I am a little cautious and keeping a close watch on my positions, but a trend is a trend until the end.