NEW YORK (TheStreet) -- Social media stock Twitter (TWTR) is seeing huge volume this afternoon, following news of a big management change.
Twitter announced that CEO Dick Costolo was leaving his position at the helm of the micro-blogging service, with company co-founder Jack Dorsey stepping in to fill the role until a permanent replacement is found.
Technically speaking, Twitter has been under pressure in a big way in 2015, selling off by about 30% from shares' April highs. While this stock is catching a bid at $36 support this afternoon, the move is probably more technical than news-driven; $36 has been a major support level for the last year now.
- Nearest Resistance: $54
- Nearest Support: $36
- Catalyst: Management Change
Today's bounce looks like a decent buying opportunity for traders who keep a stop on the other side of that $36 price floor.
Read Jim Cramer's take on Twitter here.