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Twitter Hits $20 Yet Again, Catches A Bid Ahead Of Thursday's Board Meeting

Twitter Inc TWTR 2.12% shares are trading back near $20 in Tuesday’s session ahead of a highly-anticipated board meeting on Thursday. Traders are speculating that the company could make some aggressive moves to try and right the ship, and short sellers appear unwilling to gamble on the possibility of a buyout announcement.

From a technical perspective, the stock demonstrated a textbook 50 percent retracement following its big post-earnings move from $15.69 to $21.10. After pulling back to $18.10, the stock bounced and is once again marching higher.

Related Link: The Impact Of Instagram Stories, Olympics And Political Spending On Social Media Stocks

In addition to $18 representing 50 percent retracement support, it's also the level of Twitter’s recent golden cross as well. In August, the stock broke above its 200-day simple moving average for the first time since April 2015. In recent days, Twitter also experienced its first golden cross since March of 2015.

Twitter bulls are now focused on Thursday’s meeting and are hoping that the bullish recent action in Twitter’s stock is foreshadowing some major fundamental news on the horizon.

Despite the stock’s major rebound from its May low of $13.73, Twitter shares are still down 29 percent in the past year. This week, SunTrust analyst Robert Peck reported that Twitter experienced negative user growth in the month of August.

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