Twitter Takes Out Resistance

Social media giant Twitter (TWTR) has been on an absolute tear this week. Since Monday’s open, the stock has risen over 12% as of this writing. Half of this comes from today alone as the stock broke out above a key resistance level of $35/$36.This has been an important level for the stock throughout the past year. In March, TWTR failed to break above this resistance, but over the course of the next few months, the stock surged over 20% from there, only to give up all of those gains on a poorly received earnings report in July. From these new lows, the stock would come to once again retest the $35/$36 level twice before today’s breakout. If the past year’s price action is any indication, this breakout could provide a technical base for a solid run back into the $40s.

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