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Shares of Twitter jumped over 8% in morning trading Wednesday after the company posted a job listing saying it was building a subscription platform under the code name “Gryphon.”
Gryphon is a team of web engineers who are closely collaborating with the Payments team and the Twitter.Com team. The company revealed little about the new platform, though it said it will work with its Payments and Twitter.Com teams.
The move could help diversify Twitter’s revenue beyond advertising, which accounts for over 80%. In Q4 2019 — before the coronavirus shut down large swaths of the economy and advertisers drew back on spending — Twitter’s ad revenue was up 12% from the year-ago quarter. In Q1 2020, it was flat from the previous year’s quarter.
The stock could also have been boosted by Monday’s comments from Secretary of State Mike Pompeo that the U.S. government was looking at banning TikTok, a rival social media platform. It’s already banned in India.
Before the spike today the shares were sitting a little above the 200-day SMA of $32.16, having recovered from the social media boycott selloff. But they are still trailing the S&P and Communication Services sector over the past month.
Shares of the social media company are up over 19% this month. The shares rose about 14.90% in this first week of July.
On the technical front, the RSI is trading at 62.83%. The stochastic is forming an upside crossover. The stock is trading above all the moving averages of 5days, 50days and 200days average. The stock is forming a support at 31.5 and is facing a resistance at 36 on the daily chart.
The Short-term trend is bullish and the short-term trades can be executed using following stop loss and profit targets.
TRADE SUGGESTION- TWITTER- BUY AT 35.4, TAKE PROFIT AT 39 AND STOP LOSS AT 33