Twitter Caught In “Fibs”

Twitter (TWTR) is stuck in between two long-term Fibonacci retracement levels (after nearly tagging and retreating from the 40% Fib) and a downtrending channel, as shown on the following monthly chart.

Momentum had been building since mid-2017, but was capped in mid-February.

It is 29% lower than it was at the close of its first week of its IPO (November 7, 2013), as shown on the weekly chart below.

A drop and hold below 28.00 could see a further decline to 20.00, or lower. Alternatively, a break and hold above 40.00 would be needed to confirm a sustainable price rally.