TWT Technical Analysis: TWT Prices Bounces 12% From 100-day EMA

The TWT prices restart the uptrend with a double bottom reversal from the 100-day EMA resulting in a 12% jump to challenge the short-coming resistance trendline. Furthermore, the bullish engulfing candle of the 7.25% jump yesterday in the daily chart shows a promising recovery in market value that will break the resistance trendline. However, the sellers remain confident at the resistance trendline teasing a downtrend.

Key Points:

Source - TradingView

TWT Technical Analysis

The TWT price shows a 15% downfall breaking below the support zone in late August before taking support at the 100-day EMA. The downturn also broke below the psychological mark of $1.0 and a 50-day EMA.

However, after a long consolidation between the 50 and 100-day EMA, the bullish reversal with a double bottom rises above $1.0. The 12% reversal in the last few days challenges the shortcoming resistance trend line close to the $1.05 mark.

Currently, the daily candle shows higher price rejection from the resistance trendline, struggling to rise above $1.05, teasing a downtrend. Nonetheless, the increased buying pressure evident by the increased trading volume supporting the bullish engulfing candle keeps the bullish hope significant.

The sideline traders can expect the breakout of the resistance trendline as a bullish entry spot with the potential to reach the $1.18 mark.

Technical Indicators

The daily-RSI slope exceeds a halfway line after bouncing from the 14-day SMA, reflecting an increase in the underlying bullishness.

The MACD and signal lines show a bullish crossover in the negative zone, with a spike in the positive histograms.

Thus, the indicators maintain an optimistic standpoint for the upcoming trend in TWT prices despite the resistance trendline.

Resistance Levels - $1.05 and $1.15

Support Levels - $1 and $0.95