Twitter, Inc. (TWTR) shares are trading higher by more than 6.63% to $16.38 in morning trading. The move comes on a big volume too with the issue currently trading 28 million shares, compared to the stock’s average daily volume of 21.8 million shares. This breaks the recent trend of the social media company, as the stock has broken out above its multi-week range highs along the $15-level. Twitter’s newfound momentum follows a Re/Code report that says the company is investing $70 million into music service SoundCloud.
During today’s trading session, TWTR opened 75 cents higher from the previous close and it has managed to spike almost 7 percent to challenge 2-month resistance along the $16.12/$16.30 vicinity. There is no real set-up at the moment, but as long as the equity holds above the $16 level, its pent up momentum stays intact. That said, should it drop below that level, the next support looks like $15.81 and then $15.70.
Currently, there are 12 analysts that rate TWTR a ‘Buy’, 23 rate it a ‘Hold’. Three analysts rate it a ‘Sell’. In the past 52 weeks, shares of San Francisco, California-based company have traded between a low of $13.73 and a high of $38.82. Shares are down 55.70% year-over-year and 33.62% year-to-date.