After making a $10 run from its' April low, FB formed a flagging consolidation pattern. Today FB has broken above that consolidation pattern with conviction to start its' next run up. Look for FB to test resistance at the 67-68 area. If that doesn't hold then FB can easily test its' ATH
Lots of Buyers stops building up so a very juicy opportunity to grab all those stops and buy at lower prices! I'll be waiting there with my order to buy low and sell high!
$FB is mirroring the cup and handle formation of it's industry, meaning it's success/failure depends on its price action. $PNQI is looking prime for a cup and handle breakout, with RSI in the bullish zone after putting in higher lows while price was still advancing to the downside, and a bullish MACD that recently crossed the zero line. First point of resistance...
Credit to Greg Harmon for putting this on my radar. Diving into the price action, Facebook's 2 month sideways grind may be coming to an end as price hugs channel resistance in a bullish cup and handle formation. Respecting fractal behavior, the pullback/consolidation touched down exactly on the 61.8% fib measured from last November's swing low to the March highs....
I posted a case on the daily taking some liberty with the possibility of a symmetric triangle -- I determine a bullish case due to MACD/RSI/OBV suggesting a positive divergence with respect to price. In this case, I with a descending triangle, I see a channel that is forming in a possible uptrend with significant fib resistances.
No position; but accumulation on the daily as indicated by the positive divergence of price making lower highs and MACD/RSI making higher lows (and in oversold territory). Could be a bullish setup to watch. However, symmetrical triangle breaking below may indicate a continuation of the short term down trend and possibly forming the right shoulder of a (sloppy)...
will have to develop better first, break that low and fall under median line, then retest around confuence median line a/r line will be good opportunity
This chart is a comparison on GE and the SPY, and how sometimes GE tends to Sell off before the rest of the equities. Usually SPY would grind sideways for a few days, while GE has been selling off to the downside. I still think SPY in going to grind for the next few days before It starts another leg down.
This is a 4 hour chart of the QQQ and it shows both the bullish and bearish side of the argument. I have a bias to the bear side due to bearish divergence on the weekly chart and also the head and shoulder pattern. However, the bullish argument is that we have an inverse head and shoulder pattern ( green) opposing the Bears, and also the fact that we are still in...
$FB Elliot wave trade setup. Long over 64, short under 55.25. Short target #1 $52 Short target # 2 44.25. They had great ER, so could be great long setup over 64.
