TWTR Daily: Head and Shoulders, MA crossover, RSI failure swing

A head and shoulders pattern, moving average crossover, and RSI failure swing near the trendline of an established intermediate-term downtrend channel suggest Twitter shares should be sold in the days to come, not purchased. The near-term uptrend has been closed below along with the 200-day simple moving average.

I have July 25th $30 strike puts. I'm targeting $25.50, but I'll keep a small position for if it goes lower. A retest of any or both trendlines and the 200sma is a likely possibility, but TWTR has a history of dropping quickly, so I got in earlier than usual.

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I couldn't have timed this any better, 8% drop the day after entry. Unfortunately, I got cold feet in the morning and downsized to 20% of my original position for a small gain. The puts are currently in the money and I'm holding until $25.50 target reached where I will close all or part of the position.