Sell Twitter Stock, Best Buy Stock, Buy Under Armour Stock: Today's Technical Trading Ideas

Twitter Stock Is Facing Strong Resistance.

Shares of Twitter Inc (NYSE:TWTR) have rallied nicely over the last fortnight, gaining by about 8% during the period. However, this rally may have come to an end in the near term. While Jefferies analyst Brent Thill's downgrade doesn't seem to have had much of an impact on Twitter stock, it is now facing strong resistance from its 200 day Simple Moving Average (SMA). Twitter stock has been testing this resistance for several days now, but hasn't managed to break out above. The stock has also entered overbought territory as per the Bollinger Bands indicator. Twitter's stock price is currently touching the upper Bollinger Band, which indicates overbought conditions. The stock looks set to head lower in the coming days.Twitter stock's next level of support is at 16.29, where its 20 day SMA stands currently.

TWTR stock technical chart 30 Aug

Under Armour Stock Set For A Bullish Crossover.

Shares of Under Armour Inc (NYSE:UA) have fallen consistently for close to two months now. However, they now look poised for a reversal in the trend. UA stock is on the verge of a bullish MACD crossover. The MACD is poised to make a bullish crossover with the signal line, which is a positive indication. Further, the stock is very close to oversold territory, both by the Bollinger Bands and the Relative Strength Index (RSI). The stock price is very close to the lower Bollinger Band, which indicates that the stock is close to entering oversold territory. Further, the RSI also confirms this. The RSI is at 34, close to the commonly used threshold of 30. All put together, the stock looks set to bounce back in the near term.

UA Stock technical chart 30 Aug

Best Buy Stock Sees Bearish Crossovers Post Earnings.

Best Buy Co Inc (NYSE:BBY) reported earnings that beat estimates and raised its revenue guidance yesterday. However, CEO Hubert Joly's word of caution that same-store sales numbers, which topped estimates, did not represent a "new normal," sent the stock crashing. The stock crashed by a massive 12% by the end of the day and now looks set for a further decline in the coming days. Best Buy stock fell below multiple moving averages, including the 20 day Simple Moving Average (SMA), 50 day SMA and its 100 day SMA. The stock had never breached the 100 day SMA in the last 6 months, and the bearish crossover yesterday backed by very strong volumes suggests that the outlook is now very negative.

The stock also saw its Moving Average Convergence Divergence (MACD) making a bearish crossover as it fell below the signal line. And while BBY stock has entered oversold territory, touching the lower Bollinger Band, the Relative Strength Index (RSI) does not concur. The current RSI reading, at about 36, is still higher, albeit close to the oversold threshold of 30. As things stand, Best Buy shares look poised to head lower in the coming days.
BBY stock technical chart 30 Aug

 

If you're looking for more such technical trading ideas, check out our daily trading ideas section. If you're also looking to discover fundamentally solid tech stocks, you should check out our top stock picks from the tech sector, which have beaten the NASDAQ by over 134%. Interested in automotive stock? We also have our top picks from the auto sector, which have beaten the S&P 500 by over 245%.


Vikram Nagarkar Vikram Nagarkar   on Amigobulls :

Neither Amigobulls, nor any members of its staff hold positions in any of the stocks discussed in this post. The author may not be a certified/registered investment advisor, and the opinions expressed should not be treated as investment advice.

Buying and selling of securities carries the risk of monetary losses.Readers/Viewers are advised to carry out their own due diligence and consult their investment advisors before making any investment decisions.

Neither Amigobulls, nor the author have any business relationship with any of the companies covered in this post.

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