Twitter’s share price rises over 11% today as it announces it has agreed to acquire data partner Gnip. As you can see from the chart above that the stock price is almost 50% down from it’s all time high back in December.
The stock has had two retracement rallies of $9 and $11 points (17%-20% respectively). An equal size retracement equates to roughly the $49-$50 level which happens to have a prior swing low, the IPO day high and 50 day moving average, all in the vicinity for possible confluence as short term technical hurdles.
Twitter is expected to report earnings on April 29th, possible a catalyst for it’s next longer term move or continuation of the current trend. Time will tell.