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Twitter shares gain for a second straight session on Friday, more than 70 million accounts get suspended in May and June

According to a Friday report by the Washington Post, over 1 million user accounts per day were suspended by Twitter Inc (TWTR) during the past several months, with a total of over 70 million accounts suspended in May and June only, as the social media company has been trying to reduce false content on its platform.

Twitter shares closed higher for a second consecutive trading session in New York on Friday. It has also been the sharpest daily surge since June 14th. The stock went up 3.53% ($1.59) to $46.65, after touching an intraday high at $46.75, or a price level not seen since June 21st ($46.87).

Shares of Twitter Inc have risen 94.29% so far this year, following a 47.30% surge in 2017.

“It’s hard to believe that 70 million accounts were affected when Twitter has only 336 million monthly active users (MAU)”, Wedbush analyst Michael Pachter was quoted as saying by Reuters.

“My guess is that a large number of these suspended accounts were dormant … it should have little impact on the company”, he added.

In May, over 9.9 million “potentially spammy” or automated accounts per week were identified and suspended. That compares with 6.4 million such accounts suspended per week in December last year.

“Due to technology and process improvements during the past year, we are now removing 214 percent more accounts for violating our spam policies on a year-on-year basis”, Twitter said in a June blog post.

According to CNN Money, the 31 analysts, offering 12-month forecasts regarding Twitter’s stock price, have a median target of $32.00, with a high estimate of $52.00 and a low estimate of $20.00. The median estimate is a 31.40% decrease compared to the closing price of $46.65 on July 6th.

The same media also reported that 22 out of 39 surveyed investment analysts had rated Twitter’s stock as “Hold”, while 4 – as “Sell”. On the other hand, 10 analysts had recommended buying the stock.

Daily and Weekly Pivot Levels

With the help of the Camarilla calculation method, todays levels of importance for the Twitter stock are presented as follows:

R1 – $46.85
R2 – $47.04
R3 (Range Resistance – Sell) – $47.24
R4 (Long Breakout) – $47.83
R5 (Breakout Target 1) – $48.51
R6 (Breakout Target 2) – $48.89

S1 – $46.45
S2 – $46.26
S3 (Range Support – Buy) – $46.06
S4 (Short Breakout) – $45.47
S5 (Breakout Target 1) – $44.79
S6 (Breakout Target 2) – $44.41

By using the traditional method of calculation, the weekly levels of importance for Twitter Inc (TWTR) are presented as follows:

Central Pivot Point – $45.38
R1 – $48.02
R2 – $49.38
R3 – $52.02
R4 – $54.65

S1 – $44.02
S2 – $41.38
S3 – $40.02
S4 – $38.65 is a financial media specialized in providing daily news and education covering Forex, equities and commodities. Our academies for traders cover Forex, Price Action and Social Trading.

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