FACEBOOK has put a reversal signal after breaking above 200 and back below a key level around 197-198. It has made an effort to close the unfilled GAP at 217 levels and failed and broken through a key level at 197. On top of that FACEBOOK has put a bearish confluence with the momentum and the price action. Also it has significantly moved away from the 200EMA suggesting a bit overbought. But the long term trend is still up. Therefore we can build a case to go short (very short term) in this stock expecting a 68% retracement towards the 200EMA
Trade closed: target reached
⋅
Good Trade. Please close the trade on full profits. Good luck trading