Twitter $TWTR has been consolidating, and we were expecting a pullback from a couple of weeks ago. "I Think Twitter (TWTR) is Set for a Pullback" Indeed after a couple weeks of consolidation, TWTR fell sharply after the latest earnings report.According to CNBC:Earnings per share: 17 cents vs. 17 cents, according to a Thomson Reuters consensus estimateRevenue: $711 million vs. $696.2 million, according to a Thomson Reuters consensus estimateMonthly active users (MAUs): 335 million vs. 338.5 million, according to StreetAccount and FactSet estimateWe can see that while earnings was strong, there was a dip in the MAU. TheStreet.com also reported that "changes to its content rules meant fewer people are using the microblogging website."Earlier in the week we saw Facebook $FB plunge after its earnings report, which also showed some concern over user growth. TWTR Daily Chart(click to enlarge)Sharp Dip to Support:- As we can see on the daily chart, TWTR fell sharply below $42 all the way down to almost $34.- There might still be some short-term bearish momentum, but I think TWTR won't be turning bearish. - In fact, the $30-$32 area should hold if the market remains bullish, or at least sideways.- A break below $30 on the other hand could signal a more significant consolidation, or correction, with the $26 level in sight. - Note that the RSI pushing below 30. If we see a bullish divergence develop here over the next couple of weeks, while price stalls around $30-$32, we can probably anticipate a subsequent rally back towards the highs around $47, with the prospect of tagging $50 on that next bull run.