Twitter Inc. spiked up over 5 percent higher at one point on Friday and was holding stronger intraday than the general markets, with the S&P 500 plunging almost 2 percent.
The stock’s comparative strength is likely due to Tesla Inc. CEO Elon Musk’s tender offer to acquire Twitter for $46.5 billion, which was revealed through a series of SEC documents dated April 20 but released on Thursday.
Thursday’s news helped Twitter to close the trading session up slightly and on Friday, the rise caused the stock to print a higher high to confirm an uptrend.
An uptrend occurs when a stock consistently makes a series of higher highs and higher lows on the chart.
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