FACEBOOK INC. has had a good run during the lockdown and is now showing signs of a reversal on the Daily Charts along with the Asian Markets in a selling frenzy regarding the top listed tech companies.
The Triangle identified on the daily chart should see price ranging, before pushing lower sending the recent uptrend into a downtrend .
Facebook has all the classifications of a Primed Traders sell signal... a contraction leading to a key DC resistance supported by a over-bought RSI.
All the necessary details are in the chart. The trade has been executed on our Shares only account:
- 50 shares sold at 208.14 price
We will update as price moves,
Ok there seems to be a lot happening to back up a short.
Previous support acting as resistance pushing down on price
This setup has occurred several times in the past and every time it falls around 15% this would take us to the major trend line and 78.6% fibs.
All in all this is looking like a good setup, wait for...