TheTrendLineInvestor

Is FB About To Break Out?

NASDAQ:FB   FACEBOOK INC
Starting mid 2014, FB             entered a price range. The bottom was about $72 and the top was about $80.

Now that some time has gone by, it is easy to look back and see what was happening. The top of the range has been breached a few times - back in October, in December, and February. The December breach was the strongest as FB             actually closed above $81.00.

Today, it looks like FB             "might" again close above $81. If it actually does, then tomorrow it would be nice to see another close above $81.

If FB             stays above $80.75 ish             for a few days it is probably safe to say FB             is going higher.

As long as price stays above the green UT line you can stay long this stock . If you want to add to your position, do it when the price is close to
the green UT line.

If price ever closes below the green UT line you should take notice and consider pairing down your position. Protect your profits...

March 19 Idea Update
I know it's early in the day but this idea from 13 days ago looks even more accurate today. The price is through the $80.75 ish             level and seems strong at the moment. For today, a close above the horizontal grey line will be constructive for longs. Tomorrow, just as important, a continuation of upward momentum is needed. GLTA!
vipew
2 years ago
Today like you predicted, price jumps almost 2%. Do you have any idea what next?
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TheTrendLineInvestor vipew
2 years ago
I really don't have any idea what is next. The crystal ball is dark on Sunday :) . Seriously, I don't try to predict what will happen to a stock. I try to react to what I see in the chart.

So what do I see? Well since FB is at all time highs, there are no reference points to use. The stock is in uncharted territory for sure. What I can tell you is that the price must stay above the uptrend line if the gains are to continue. So keep an eye on that uptrend line. A close below it may signal a change on the horizon. Continued closes above it signals continued strength. The trend is your friend... Until it's not.

If you have a position in FB you are making money. If you are thinking of adding to your position, do it when the price is close to the uptrend line or a moving average. That uptrend line is at about $76 right now. If you want to use moving averages as places to add, the 20 week moving average is at about $78 and the 8 week moving average is at about $80.

There are some who may say the calculated move is about $10. If the calculated move thoughts are correct, you can expect FB to run to about $90. I am not saying this is going to happen. I am just saying there are others who may use the calculated move argument to predict where the stock may go. I really don't like to predict. I like to follow the price action.

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