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Fan Yang

Twilio Inc. (TWLO) Could be Topping Within a Bull Run

Twilio $TWLO has been bullish throughout 2019, continuing a bullish trend since early 2018 when price was still under $25. 

TWLO Daily Chart

(click to enlarge)

Double Top?
- It is a bit early to call a price, but we did see price fail to break above $151.10 several times. Price tried to break this resistance in July three times.
- Looking at the price action, we can see that there was a sharp dip in June followed by a choppy rally. Now we are seeing another sharp pullback. 
- The relatively sharper bearish price action suggests the market is exhausted.
- The volume is also increasing as price found resistance.
- I think if price does come down to $134.35 support, TWLO will break it down. There might be a very short-term bounce, but I am anticipating an eventual break.
- If price breaks below $134, the next key support is right around $120.

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