The Twitter app has been knocked off its Number 1 perch, as free speech social media platform Parler has risen to the top to take its place…(many Twitter users are switching to Parler for their town-square style free discussion).
Twitter (TWTR) is still below its IPO opening price of 45.10 (November 7, 2013), as shown on the following monthly chart. In fact, it’s 30% below, as shown on the second chart.
The Balance of Power still rests in the hands of sellers as downside Momentum continues to accelerate.
Major support sits somewhere around 20.00, while major resistance is still formed by its IPO opening price of 45.10.
Until we see a reversal (and hold) of both the BOP and MOM above the zero level, I’d expect the selling to continue…while Parler’s userbase continues to explode.