Twitter shares soar to highest level since October 2016

KEY POINTS

• The social media's stock hit $23.24, its highest level since Oct. 5, 2016, when it traded as high as $25.25 a share.
• Jonathan Krinsky of MKM Partners said Twitter's stock was breaking out of a two-year range on Thursday.
• Twitter shares have rallied sharply this year, advancing nearly 40 percent in that time period.

Chris Ratcliffe | Bloomberg | Getty Images

Shares of Twitter gained 7.3 percent on Thursday, reaching their highest level in more than a year.

The social media's stock hit $23.24, its highest level since Oct. 5, 2016, when it traded as high as $25.25 a share. It closed at $22.58.

Jonathan Krinsky, chief market technician at MKM Partners, said Twitter's stock was breaking out of a two-year range on Thursday.

"It's been trading between $14 on the downside and $22 on the upside," he said. "Based on the length of the base, I'd say we could see an upside into the high $20s."

Twitter shares have rallied sharply this year, advancing nearly 40 percent in that time period. Krinsky said the next level to watch on the stock is $24. Twitter hasn't closed above that level since October 2016.