A “golden cross” pattern, the first in a little more than two years, appeared in Twitter’s stock chart – a day after the $TWTR shareholders voted overwhelmingly to approve the agreement to be acquired by Elon Musk.
Twitter Inc.’s stock has been going nowhere in recent months as the social-media company’s merger battle with Elon Musk plays out, but after a long downtrend doing nothing has been enough to produce a rare bullish chart pattern that suggests that a new uptrend may be starting.
Also read: Twitter whistleblower tells Congress the company was ’10 years behind’ industry security standards. The patterns aren’t always good market timing signals, given that they are well telegraphed. But they can help provide historical and technical perspective for a stock’s recent performance. The stock fell 1.0% in morning trading Wednesday, after rising 0.8% on Tuesday despite a sharp selloff in the broader stock market. The stock was trading above both moving averages, suggesting a bullish technical lean.
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