Twitter (TWTR)

Oct 29, 2021Trade Ideas

Just yesterday, we mentioned Beyond Meat (BYND), as it traded around $95.50. This morning, BYND is set to open at $100.18 and could push higher on the plant based boom.

Another interesting, oversold stock to take a look at is Twitter (TWTR).

Over the last few days, the stock fell from triple top resistance around $67.50 to $54.29. All after a weak report on user growth, and analyst target price cuts. Jefferies, Wedbush, Wells Fargo, and BMO Capital all lowered their target prices on Twitter, for example.

However, the pullback may be overdone.

In fact, if you pull up a two-year chart of Twitter, take a look at RSI, MACD, and Williams’ %R. Each time these three indicators align in oversold territory, the TWTR stock tends to pivot higher. We saw that happen in May 2021, August 2021, September 2021, and again now. It may be overdue for another pivot higher from $54.29, near-term.

In short, the TWTR may be down too much, too fast, and could snap back shortly.

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