Waiting for the bulls to kick in on Twitter Hi Traders,
Twitter Is sitting at an interesting place right now but before I break down the chart, let’s take a look at some fundamentals.
Elon Musk has announced that there are a few unresolved matters on the deal to buy Twitter, including the number of spam users on the system and the coming together of the debt portion of the deal.
Now with everyone waiting to see what's going to happen, Price has been consolidating between $41 per share and $35,50 per share. The market is currently closed but on the 1st day of July, it closed in a bullish engulfing candle which could be the 1st sign that we might have buyers stepping in.
When looking at the price on the weekly Timeframe, We will see that it has created a Double Bottom Pattern, Pushed to the upside whilst breaking the neckline of 32.23 and then shifting structure to a more bullish nature.
The next obvious move is for price to create a lower high that I believe we've found at 35.5. Should the deal with Twitter and Musk go through we could see price start the next wave to the upside and I will be looking at securing my investment at $54 per share.
This should be an interesting one. See you all in the next post.
Renaldo Philander.
