Sunday Prep 10/31 - $TWTR Social Media Names Have Gotten Crushed

Social media names have gotten crushed recently and with the market where it’s at, they might come down a bit more if we roll over. I think Twitter off that 48-50 area offers a great spot to watch for buyers to show up. The monthly 20sma will adjust Monday morning, which I’m guessing will be somewhere in the low 50s. You have your quarterly pivot down at 49.17 and next month’s S1 pivot will be at 48.32. Remember, I am in NO hurry to jump into these names until the market pulls back. In fact, my guess is that the market needs to pull back in order for these names to come down to these levels. This thesis remains exactly the same for both $SNAP and $PYPL from last week’s #SundayPrep.


Friendly reminder: ALWAYS ZOOM OUT!!! Monthly chart shows the significance of these levels and gets rid of all of the noise.