Twitter Potheads Get All the Munchies Above $18

Back around Memorial Day, we noted TWTR was at its proverbial last line of defense before a trip to single digits seemed inevitable if buyers did not make a more forceful stand than they had in years. 

But despite Peter Thiel's jabs against the company, Twitter bulls finally woke up from their dazed and confused state to rally TWTR from $14 to $18 since then. Of course, the LNKD buyout and some deals along the way did not hurt. 

However, TWTR remains in a multi-year downtrend. And while it is one thing to prevent an outright crash into single digits, it is quite another to cement a complete turnaround higher. 

Going forward, as you can see on the updated daily chart, below, I suspect leaving $18 in the dust will be a more meaningful step forward to build the case for a major bottom at hand. 

Recall how hated the company and stock had become, with plenty of articles written castigating the lack of business acumen and pragmatism the firm has shown. This is all consistent with sentiment reaching a tipping point, provided that $14 initially held, and now bulls build on that progress. 

TWTR eventually has some major levels above to test in the low/mid-$20s. But first things first--Clearing $18 for the next step forward just as the "Twitter is Dead" articles reach a crescendo. 

Elsewhere, I see HLF is back in play on news. I am looking at the $71/72 level, just above, as representing the next major hurdle to clear if the stock is truly going to squeeze Ackman out.