Even with what was supposed to be a positive catalyst in the form of the Twitter (NYSE: TWTR) initial public offering, November was a turbulent month for the Global X Social Media Index ETF (NasdaqGS: SOCL).

SOCL,still one of this year’s better-performing industry ETFs and one of the best asset gainers on a percentage basis, looked like it was poised to pull back in earnest in late November as social media stocks rapidly fell out of favor with investors. At the time, it looked as though either a case of frothy valuations finally being acknowledged or a temporary correction before another move higher for the ETF. [Enthusiasm Wanes for Social Media Sector]

A case can be made that SOCL was merely undergoing a brief correction before staging a year-end rally.

Deron Wagner of Morpheus Trading Group notes that SOCL was able to hold above $18.50 during its consolidation and that the ETF’s move back above its 50-day moving average is a positive sign.

“The shorter-term daily chart shows SOCL reclaiming support of its 50-day moving average Wednesday, as volume picked up as well. If SOCL can hold above its 50-day MA the next few weeks, it should flesh out the ‘right side’ of the pattern that could precede a breakout to new highs,” wrote Wagner.

Encouragingly, SOCL gained 1.2% on Thursday on volume that was nearly 62% above the daily average. That on a day in which U.S. stocks closed lower. It appears that Twitter is finally helping SOCL, which is one of the first ETFs to add it to its lineup following the highly anticipated IPO. [Social Media ETF Allocates 4.5% to Twitter]