This past week was a memorable one for $TWTR bulls:
On 7/19/17, for the first time since 10/5/16, $TWTR closed above $20.
And for the first time since the week of 9/26/16, $TWTR also managed to stay above $20 by this past Friday's close. Notably, this recent appreciation in the stock has been entirely driven on intrinsic strength, rather than unconfirmed buyout speculation like the last time it was at these levels.
As I noted in my previous post, the $20 price level has been a formidable resistance area for $TWTR bulls pretty much since the stock first broke below it in January 2016.
Yet as the question mark on the chart above conveys, the true test for $TWTR bulls will be whether the stock closes above $20 to finish off the month of July. If it manages to do so, it would be the first monthly close over $20 since September 2016 and only the second monthly close above this level since December 2015. Whether this is realized is largely dependent on the company's second quarter results, which will be released this coming Thursday, 7/27/17.
If the $TWTR lift off continues, the next major level for bulls to overcome will be the $25/$26 region on the chart. Note that the company priced its IPO at $26 in November 2013 and the stock hasn't traded above this price since the end of 2015.
We'll soon see what happens!
