$FB - Bottomed out reversal play with +10% to 30% upside
Technical Analysis
Scenario 1 - Bullish
Price has bottomed at $150 with a mean reversion play to $192-$230 depending on which resistance level holds above.
Scenario 2 - Bearish
The next few weeks will determine if we have a long entry above $170 (if price breaks above). If it resists at the $170 -$180 level then we have a continuation to $150 or a squeeze.
Price Target
Entry $170-$180
Target 1: $192
Target 2: $210
Target 3: $230
Scenario 1 - Bullish
Price has bottomed at $150 with a mean reversion play to $192-$230 depending on which resistance level holds above.
Scenario 2 - Bearish
The next few weeks will determine if we have a long entry above $170 (if price breaks above). If it resists at the $170 -$180 level then we have a continuation to $150 or a squeeze.
Price Target
Entry $170-$180
Target 1: $192
Target 2: $210
Target 3: $230
Comment:
We're seeing a nice break above the 50EMA on the daily and trendline. We will be assessing a possible buy order at the end of the day or end of the week because the DMI looks undecided on the daily chart.