Wedge Pattern On Twitter (TWTR)

Hi Traders,

We have a clear Wedge Patter On Twitter (TWTR), In my previous post I was looking to buy, however, due to the deal with Elon Musk falling through the price has decreased even more and now we have great price action to go with the current Fundamental news.

We can see a very simple and clear wedge that has formed and price has now broken the support and is sitting nicely at 37.09 which is the retest of the pattern. I am currently short and I am not looking to swing for the fences on this one.

My stop loss is at 37.81 as that would signify the bulls being back in the market. I am looking to take the short to the very next support level of 32.60. Price could most definitely break support and continue much further than the current target. I am, however, very happy with the risk to reward on this trade and there is no need to force the market to give me more.

Use proper risk management

Renaldo Philander.

Prediction Analysis Overview Table

Analysis Overview Information	Prediction Analysis information
On what market is this position based (Forex, Stocks, Crypto, Indices, or Commodities)?	Stocks (Securities)
What is the trading position identifier (Name and/or Symbol)?	TWTR
Is this a Short or Long Position?	Short
Would this be considered a Short Term, Medium Term, or Long Term trade?	Medium Term
As a Short, Medium, or Long Term trade, which best describes the position (Scalping, Day Trading, Swing Trading, or Position Trading)?	Swing Trading
What Time Frame chart is the position based on (1-Minute, 5-Minute, 15-Minute, 30-Minute, 1-Hour, 4-Hour, Daily, or Weekly chart)?	4-Hour
Depending on the asset, how much do you expect it to move in price or percentage?	From Entry to Target – 11.11%
What ratio of risk to reward is this trade/position? Choose your appropriate target(s)	Approximately 4 to 1 Target 2 N/A Target 3 N/A
What were the technical analysis tools used? Tick the appropriate boxes;	☒ Chart Patterns ☐ Indicators ☒ Price Action ☒ Support & Resistance ☒ Trendlines
From the technical analysis tools and indicators provided, tick the appropriate boxes for the tools and indicators used to analyze the position;	☐ Ascending Triangle, ☐ Bollinger Bands, ☐ Candlesticks, ☐ Channel, ☐ Cup & Handle, ☐ Descending Triangle, ☐ Double Bottom, ☐ Double Top, ☐ EMA, ☐ Fibonacci Retracement, ☐ Flag, ☐ Head & Shoulders, ☐ MA, ☐ MACD, ☐ Order Blocks, ☒ Pennant, ☐ Rounding Top Or Bottom, ☐ RSI, ☐ Symmetrical Triangle, ☒ Volume, ☒ Wedge