What can be said about Twitter (TWTR) - Get Report in 140 characters or less?

How about "rebound?"

Shares of the embattled social media company have surged more than 12%, climbing from around $13 per share to $16, since I recommended buying it at its all-time low on May 3. The stock closed Thursday at $15.87 after rising 4.41% just in the past five days. The stock has recently reclaimed both its 20-day and 50-day averages.

The stock has been rocky, and Jim Cramer and Research Director Jack Mohr caution investors to be careful with Twitter stock, which is a small holding in their Action Alerts PLUS Charitable Trust Portfolio. "Unfortunately, it seems like nothing can go right for this company....  Twitter is in a state of disarray," they wrote last Friday in their weekly roundup.

Twitter is a holding in Jim Cramer's Action Alerts PLUS Charitable Trust Portfolio. Want to be alerted before Cramer buys or sells TWTR? Learn more now.

The chart below, courtesy of TradingView, now suggests the stock could book 12% in additional gains.

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Fundamentally, there are still problems at Twitter.

But that hasn't kept the stock from soaring almost 20% since bottoming out at $13.77 on May 24. From a technical perspective, during the span between that low and Wednesday's high of $16.44, Twitter stock established strong support at around $14 per share (the solid blue line). The stock has tested that mark several times and moved higher.

Twitter is now trading above both its critical 20-day ($14.85, the blue line) and 50-day ($15.35, the pink line) moving averages. Though the stock remains some 1.7% below the 100-day average at $16.16, Twitter's recent moves suggests that buyers are back and the bulk of the selling might be over.

At the same time, Twitter has taken out about one-third of the 16% gap in the chart. The stock looks poised to fill the remaining gap, thanks to recent M&A speculation surrounding the company.

In the near term, it's possible that $15 per share becomes Twitter's new support level. This means its resistance, currently at $15.96 (the thin red line) should now move higher too. The solid red line positioned at around $17.75 would become the stock's new resistance level and its near-term price target.

How to execute the trade: Buy Twitter stock between $15.50 and $16.10, while using $14.50 to $14 as near-term support. The bet is within the next few weeks, the stock will fill the remaining 16% gap back towards $17 to $17.75, an upward move of around 12% higher.

This article is commentary by an independent contributor. At the time of publication, the author held no positions in the stocks mentioned.