649bruno
Short

Facebook In Decline: Correction Likely To Continue

NASDAQ:FB   FACEBOOK INC
65 0 2
The FANG stocks (Facebook-Amazon-Netflix-Google-Now-Alphabet) were once all market leaders.
If you study the technicals of these four stocks , only AMZN             has remained strong, and even AMZN             is slowing down.
Facebook             shows several signs of technical weakness. Yes - the Ichimoku cloud is rising, and the 200 day moving average is also rising, but the phase energy has demonstrated a negative "zero-line crossover" to the down side. The golden line is the 89 day moving average , Facebook             is now trading below this support.
The top middle indicator is vortex, and this is negative (red over green). This warns you of a down trending stock .
Look to the far upper right on the chart, just below $120.00. You will notice a yellowish line on the bottom (jaws), with black dots above (teeth), and a blue line (jaw) above the black dots. Now, all three are OPEN, correct? This is where I ask you to use your imagination and envision these three items as the "jaws, lips, and teeth of a NOW AWAKE, FEEDING alligator, and the alligator will continue to feed into a newly developing DOWN-TREND.
Price target one is the 200 day moving average at $106. If the technicals do not improve, then the second price target is $90.
The relative strength is near zero (top indicator), so there may be an attempt to push prices higher, but the weight of the evidence is that Facebook             is rolling over, and I would recommend a fade to any rally.
One last suggestion: If you look at the chart of GOOG             , you will see a very similar pattern.
Today's quote is from James Holt McGavran: "There’s a way of transferring funds that is even faster than electronic banking. It’s called marriage."
I hope this has been helpful and informative. May all of you trades go well. Don


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