TWTR retraced back to the long term trendline support last week and once again started to bounce off this support. Plus, there are also a confluence of fibonacci retracements right at this suport: 1) the 38% fib retracement of AB swing and 2) 61.8% fib retracement of CD swing.
It is always a good practice to scale one time frame up (ie from day to weekly chart) to get a clear view of the "bigger picture".
The stop loss is place slightly below the rising trendline at about 57.90.
Expect to scale out partially at 73 and trail the rest up towards 80.
Disclaimer: TA is about improving our odds of a successful trade (not a guarantee). This is just my own analysis and opinion for discussion and is not a trade advice. Kindly do your own due diligence and trade according to your own risk tolerance and don't forget that money management is important! Thank you. Do give me a thumbs up if you agree. Feel free to let me know what you think! :)
It is always a good practice to scale one time frame up (ie from day to weekly chart) to get a clear view of the "bigger picture".
The stop loss is place slightly below the rising trendline at about 57.90.
Expect to scale out partially at 73 and trail the rest up towards 80.
Disclaimer: TA is about improving our odds of a successful trade (not a guarantee). This is just my own analysis and opinion for discussion and is not a trade advice. Kindly do your own due diligence and trade according to your own risk tolerance and don't forget that money management is important! Thank you. Do give me a thumbs up if you agree. Feel free to let me know what you think! :)
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.