clevernamegoeshere
Short

FB - short term bear on symmetrical triangle

NASDAQ:FB   FACEBOOK INC
199 1 1
** excuse the weird projection start points. The source boxes cover up the target boxes and there's no easy way to get rid of them or change their location. They are intended to overlap--59.09->54.77->59.09->50.18.

1d chart shows a symmetrical triangle beginning in late March with its apex close to earnings . As this is a continuation pattern in a downtrend from mid-March, expect it to break downward to our support level of 54.77 (10-21-13 through 1-30-14). A break and hold above 62 right now or 60.70 on earnings day will break this pattern and we'll go back up to at least 63.24, possibly higher to form a double top around 72.

What follows is what I'd *like* to see happen: the formation of a head-and-shoulders pattern, which is what it looks like we're trying to do. The neckline would be at 50.18, shoulders at 59.09, head at 72. If we do bounce off the 54.77 range, expect this pattern to play out. Bad earnings or a bear market could mean a dump to the 50-ish level right off the bat, though, invalidating that idea and leaving us looking for a new pattern to emerge.
Extremely bullish market let FB break the pattern and nailed 63.24 almost to the penny. I would have rather seen the pop-and-drop for more gains, but this'll do.

I'll do another analysis later to figure out where we're going from here.
Reply
United States
United Kingdom
India
Deutschland
France
España
Italia
Polska
Türkiye
Россия
Brasil
Indonesia
Malaysia
Việt Nam
日本
한국
简体
繁體
Home Stock Screener Forex Signal Finder Cryptocurrency Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing My Support Tickets Priority Support Contact Support Ideas Published Followers Following Private Messages Chat Sign Out