themarketzone

Two bearish scenarios for Facebook

NASDAQ:FB   FACEBOOK INC
With the help of excellent earnings report, $FB gapped up from the 106$ support zone to above its previous All Time Highs and remained above it when the price found support at the 116$ structure zone (resistance turned to support).
If $FB will open the new trading week above 116$ and remain above that zone, it can continue higher to complete a bearish Crab pattern near 124$. I am not for buying stocks which are in All Time Highs territory, but if you are holding Facebook's stock , you can probably hold it for a little longer as long as it remains above 116$.

$FB was the one of only Social Media/Tech stock that I didn't issue a bearish earnings setup for it to the Elite Zone members. Now again I'm interested in shorting $FB I'll focus on one of these two price zones:
  • 115$ - A close below 115$ will create a False Break to All Time Highs.
    124$ - Bearish Crab pattern, re-test of trading channel's bottom and extreme overbought conditions
For the first price zone, targets can be 110$ and 105$ (stop loss above the this week's high)
For the second price zone, targets can be 116.5$ and 110$

Tomer, The MarketZone
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Comment: Support Zone holds.
Waiting for completion of bearish Crab
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