Monday, 12 May 2014

FB, TWTR - momo stocks bouncing

With new historic index highs, the momo stocks managed to push significantly upward. Facebook (FB) and Twitter (TWTR) closed higher by 4.6% and 5.9% respectively. Near term outlook is for further gains of at least 3-5%.

FB, daily

TWTR, daily


Suffice to say, the main market - as I suspected, is seeing another up wave, and that is really helping to bring some buyers into the battered momo stocks.

There looks to be a comfortable further 3-5% of gains to come in the near term.

First resistance...

FB 62, at the 50 day MA
TWTR, the big 40$ threshold

If the main market rolls over this summer - down to sp'1625/1575, both stocks could be cut in half.