Twitter shares soar to highest level since October 2016

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 traded at $22.71 at 11:16 a.m. ET.

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.