My first idea. I’m by no means an expert at this... constantly learning and I’m absolutely loving it. So please feel free to give feedback if you see fit! If you decide to invest based on this idea, do so at your own risk!
As you can see from my analysis, Facebook has been in a strong uptrend for a couple of months now, however I feel this is coming to an end.
Price is appears to be respecting the upper level of the daily channel that is in place. This is strengthened by an RSI which is classed as oversold and a stochastic indicator that is showing bearish divergence.
For entry, I would probably drop down to the 4 hour chart and wait for it to break and retest the red support line. I would then ride profits down until it reaches the bottom of the daily channel.
As you can see from my analysis, Facebook has been in a strong uptrend for a couple of months now, however I feel this is coming to an end.
Price is appears to be respecting the upper level of the daily channel that is in place. This is strengthened by an RSI which is classed as oversold and a stochastic indicator that is showing bearish divergence.
For entry, I would probably drop down to the 4 hour chart and wait for it to break and retest the red support line. I would then ride profits down until it reaches the bottom of the daily channel.