NickCoulby
Long

Facebook ready to retest March highs

NASDAQ:FB   FACEBOOK INC
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. This pullback point was particularly special as it filled a large continuation gap from January, which tends to precede an explosive move in the opposite direction. The bullish thesis is also supported with a RSI that finally stabilized above the 50 line and a rising MACD . The measured move based on the consolidation also corresponds with the high placed in March.
Sling shot engaged
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