TWTR is finally seeing some profit-taking after a spectacular run,
In terms of looking for the next entry point on the long side, you can see on the 30-minute chart the gap-fill in play (top light blue horizontal line).
But below there, and $60 sure seems like a magnet. I would suspect the brave, savvy shorts in the name would cover up there, if not sooner. And it may prove to be a gift for longs looking for another entry.
What say you?
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mabe 57.75 only because that is the ohter gap that may want to get filled but as you I suspect a fair percentage of shorts may cover where you have mentioned
Thanks, Vinnie!
Want.MOAR.shares…on deal
On deal or on sale? Haha
and for full disclosure, now holding small position from 42.50 entry – wish the movements up and down would be more orderly but it makes it interesting!
Indeed, Vinnie.
I honestly think this was a total blow off top based on the price movement and volume at this time of year combined with the absolutely insane options activity yesterday.
On top that a non-trader guy I know decided he finally had to buy TWTR yesterday since he was afraid of missing out….and well we know what happened today.
I know there will be bounces along the way and I’m not sure where I am going to cover but it really going to be hard to not cover a good bit at 60, but even that I feel is an obscene price for this stock. 55 makes a lot of sense to cover totally too. That said I was buying Feb 55 puts just before the blow off breakout. I will probably just end up holding those and trading out of the equity I’m short. I really do want to short this thing thru earnings because there is no way this stock will be able to meet the expectations of the market.
Anyhow….that’s my thoughts.
looks like alot of air to 60 on vol profile
All I know is I am glad to be on the winning side of this trade along with most everyone on this site. I will be looking to enter long again on some consolidation.