FB weekly update

460 6
FB is currently in a strong uptrend and finished the week with a bullish candle above a trend line resistance.We have negative divergence but is not supported by reversal candle patterns and Trix is rising.It is often the case that if the CCI (50) and Fisher(34) are above mid point any dips in the Trix 5 ( Trix 3 for monthly) is a long entry opportunity, vice versa for shorts.Looking at the daily frame (posted as a comment), we are in overbought conditions so it might not be wise to chase it here, the 50, 100 MA and or an oversold RSI (10) would be an ideal place for long entries. Best guess is that FB fills the gap and continues higher, if breaks gap look for support near the 50 or 100 MA. Next target likely to hit the top of channel.
Second most over valued billion dollar stock company. Companies are seeing this as a waist of $ to advertise with Facebook. Despite Facebook PR team tactics to quickly dispute any blogger who says other wise. Facebook will head back to below $30 and Zuckerburg's billions will sink with his stock.
if price falls below the 100ma next downside target is around 52
I don't always review my published charts,but if you have any questions concerning any published ideas I'l try by best to answer them.At the time of publishing this FB chart I said that there was negative divergence but not supported by price action but then 3 weeks ago a bearish candle pattern formed, that was the EXIT signal.Currently FB is sitting at 2 support points, if falls below expect further downside......if your not familiar with candle sticks patterns it's a good idea to learn them,lot's of free info on YouTube

Bottom of the channel hit!
...FB is close to a confluence clone boundary area, it will be interesting to see what happen around this level
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