Mike has posted a Mid-Day Minute on TWTR on his MPTrader site, noting: TWTR: Has it Completed a Near Term Correction? Earlier this afternoon, I entered a new long position at 49.07 after Twitter, Inc. (TWTR) pressed to a new corrective low at 48.66 off of its March 25 high at 52.20.
The fact that TWTR “bears” had a chance to inflict more series damage by pressing TWTR further below the prior pullback low at 48.870--and below the Jan-Mar support line at 46.60--but failed to do so, was an indication that the correction might be exhausted.
So far, TWTR has climbed to the 49.60/65 area in what is looking like a significant, near-term upside reversal.
That said, my work needs to see TWTR trade (but not necessarily sustain) the 50.00 level to trigger signals that TWTR has ended a correction, and is in the initial stages of a new upleg that projects to 54.00.
Mike has posted a Mid-Day Minute on HAL on his MPTrader site, noting: HAL Appears Poised for Continuation of Recovery Rally All of the action off of the Halliburton Company (HAL), Feb 17, high at 45.99, looks like it completed a correction into this morning’s low at 41.81, which, if accurate, means that HAL is in the infancy of a new recovery upleg that projects to 49.00-50.00 in the upcoming weeks.
That said, to start to get some real upside traction, HAL must climb above 43.20/.25.
Is INTC Ending its Dec-Feb Correction? My pattern work triggered preliminary signals last week that Intel Corporation (INTC) has ended its correction off of the 37.90 high into the 32.65/67 area, and is preparing to lift off into another upleg-- to new 15-year highs projected eventually into the 43.00-45.00 target zone.
At this juncture, only a decline that breaks and sustains beneath 32.00 will begin to compromise the timing of the expected next upleg.