Shares of social media icon Twitter Inc (NYSE:TWTR) are under pressure Thursday, reversing early gains to move into negative territory on heavy volume in the twelfth hour. The losses are modest at this point, with TWTR stock down about 1.1% as of this writing.

What’s dangerous about the situation, however, is that the move is testing the March 22 intraday low, which continues a downtrend pattern that’s been in place since December. This sets up a critical test of support from the May/June lows of 2016.

If the bulls cannot or will not step up right here, right now, we could be on the verge of a breakdown to a fresh post-IPO low for TWTR stock as the company continues to battle uneven leadership, tepid user growth metrics and an ongoing struggle to define and improve its user experience.

The catalyst for the selloff today was a statement by a Twitter co-founder Evan Williams that he is liquidating a portion of his stake. While Williams claims the decision, after a year-and-a-half of no selling, “is all about personal context, not company context,” it’s hard to view this as anything, but a vote of no confidence in Twitter’s turnaround efforts.

He adds, “I’m proud to be on the board and optimistic about the future of the company.”

The company will next report results on April 26 before the bell. Analysts are looking for earnings of one cent per share on revenues of $513.5 million.

Analysts at Canaccord recently lowered their price target in the stock citing competitive pressure pushing down video ad margins and slowing international user growth.

Anthony Mirhaydari is founder of the Edge (ETFs) and Edge Pro (Options) investment advisory newsletters. A two-week and four-week free trial offer has been extended to Investorplace readers. Redeem by clicking the links above.