Whilst the main market closed moderately lower, there was significant weakness in Twitter (TWTR), settling -3.6% @ $34.60 (intra low 34.31), the lowest level since June 2014. Near/mid term outlook is bearish, next support is not until the $30 threshold. The all time low of $29.51 (May 7th' 2014) is now on the menu.
*a move to the $30 threshold would be a drop of around -14% from current levels
Suffice to say, the recent announcement that the CEO is leaving helped TWTR shares for a mere few hours.
The mainstream have little confidence in the company.. not least since it still can't turn a profit.
If the main market falls under sp'2000 this summer (as seems likely.. if briefly), TWTR should continue lower to the psy' level of $30.
It really is a case of whether TWTR can find a CEO who has the guile to start pushing for chargeable site features - such as 'verified accounts', whether it is for individuals, celebs, or corporations.
Right now, I have serious doubts as to if the existing (FAILED) board would be as bold.
*I have ZERO interest in meddling in this particularly crazy momo stock. It remains quite entertaining to keep an eye on though!