Technical analysis for twitter share

Technical analysis for twitter share

Twitter share has been able to breach through the neckline of the classical pattern (H&S) seen on the four-hour chart, stabilizing around 16.30 levels.

Moreover, we can see fine symmetry between the right shoulder and the suggested 5-0 pattern.

The technical targets of the classical structure reside at 14.00 regions followed by 11.80, 10.50 and 8.00 respectively.

Of note, we believe that, some kind of bounce could be seen after pattern completion where it may re-test the broken neckline before resuming the depreciation.

Assessing technical indicators, we see negativity on them where RSI succeeded in forming the same harmonic pattern; whilst Stochastic continues to dive from overbought territories along with bearish pressure from moving averages.

Stop loss of shorts should be placed above the right shoulder’s zone.

Amir El Araby

Co-Founder & Chief Global Strategist at FxComment.com, with 17 years’ experience in the technical analysis studies for FOREX, Commodities and Indices. Amir El-Araby worked as a mentor for many companies and institutes, where he presented new methods for trading in the financial market. Amir is a member of ESTA (Egyptian Society of Technical Analysts). Amir is also the official partner of Harmonic Trader (Mr Scott Carney) and the official instructor of harmonic trader association for Arab countries.

You have to be logged in to comment.