Everybody said it was dead. No chance it will ever turn a profit. For 4.5 long years they have been right. But behind the curtains, Jack Dorsey and his team never stopped believing in their vision. Today Twitter reported a profit for the first time since its IPO. User growth is also picking up. Let's not forget that the platform has become the go-to place for crypto enthusiasts, which is only one of the many groups that resort to Twitter to share ideas and meet talk with likeminded people.
But let's go back to the trading setup of the day. Worked very well on SNAP yesterday so there is a decent probability it's going to play out here again. Stock is gapping up around 26% pre-market to open around 34$ which is a few dollars above the weekly pivot at 31.87$.
I'm going long half-size at open and place a bid the size of the other half at 31.87$. Target is the 50% Fib retracement of the entire bear market since IPO at 44.23$ with an intermediate target at 37.03$ where the most cautious traders can take half or full profit. I place a stop at the weekly pivot at 29.51$. The trade has a 2.35 r/r ratio.
But let's go back to the trading setup of the day. Worked very well on SNAP yesterday so there is a decent probability it's going to play out here again. Stock is gapping up around 26% pre-market to open around 34$ which is a few dollars above the weekly pivot at 31.87$.
I'm going long half-size at open and place a bid the size of the other half at 31.87$. Target is the 50% Fib retracement of the entire bear market since IPO at 44.23$ with an intermediate target at 37.03$ where the most cautious traders can take half or full profit. I place a stop at the weekly pivot at 29.51$. The trade has a 2.35 r/r ratio.