Hello.
In the last several months as we all saw that the index of the tech reached new highs and breaking record after record it seems that this will probably not stop for the moment.
As you all know mostly there are several big tech companies that are very popular to investors , and Facebook is one of it.
In the last year Facebook have managed to reach also new record and after the last few months run it reached at resistance with the price at 300$. After this big long run , the shares made a pullback at the support of 250 and since then the price is bouncing between this 2 points forming a triangle formation.
The bottom edge of the triangle is acting as a support for the price. Every time the price touch or go below the support edge will recover and close over it. Since the end of the summer ( and the support at 250$ ) we have at least 4 weekly bullish reversal bar when the price recovered and closed green .
I think that the next move for Facebook will be higher to a target of 350 $/stock.
As the price is getting closer to the end of the triangle the price will make a big move as the the price bounced for months in this triangle storing energy.
This week the price recovered and closed green ( bullish ) just 30 minutes before session close.
This is my analysis. I am not a professional trader and i do not give advice. Take care, happy trading !
In the last several months as we all saw that the index of the tech reached new highs and breaking record after record it seems that this will probably not stop for the moment.
As you all know mostly there are several big tech companies that are very popular to investors , and Facebook is one of it.
In the last year Facebook have managed to reach also new record and after the last few months run it reached at resistance with the price at 300$. After this big long run , the shares made a pullback at the support of 250 and since then the price is bouncing between this 2 points forming a triangle formation.
The bottom edge of the triangle is acting as a support for the price. Every time the price touch or go below the support edge will recover and close over it. Since the end of the summer ( and the support at 250$ ) we have at least 4 weekly bullish reversal bar when the price recovered and closed green .
I think that the next move for Facebook will be higher to a target of 350 $/stock.
As the price is getting closer to the end of the triangle the price will make a big move as the the price bounced for months in this triangle storing energy.
This week the price recovered and closed green ( bullish ) just 30 minutes before session close.
This is my analysis. I am not a professional trader and i do not give advice. Take care, happy trading !
Comment:
Busted !