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Personal areaTwitter reached an all-time high of $56.50 on Thursday. Actually, it’s heading for the best week in almost two years. The stock regained its losses after falling in January’s second half. The drop was caused by concerns that people could massively leave the app due to some political issues. According to Forbes’ machine learning analysis, Twitter has a 54% chance to rise over the next month.
According to BK Asset Management, “Twitter, to me, is the Cadillac or the Mercedes Benz ... of financial information. Twitter is probably the single best long-term buy when it comes to social media platforms because of the quality of its content and the quality of its product.”
Twitter will publish its earnings report on the night of February 9-10. The exact time is February 10, 01:00 MT time (GMT+2). The initial forecast is $0.29 per share.
Technical indicators point that the price is about to enter the overbought area: the price went above the upper line of the Bollinger Bands and the RSI is heading to rise above the 70 level. Since Twitter has been trading inside an ascending channel for over a year, we would expect the price to pull back from the upper trend line near $60.00 rather than break out. However, the strong earnings results may boost the stock to jump above the upper trend line. The next resistance will be at $65.00. Support levels are at the low of December 30 at $54.00 and at the 50-day moving average of $50.00.
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