We can see that price has traced an uptrending channel if we anchor the start and end with the previous two quarters' reporting dates' close, and we use 2 standard deviations to obtain the channel. sent FB up hitting this channel top, and also failed to make a new high in Rgmov, which is . Today's activity, after the exhuberance of hitting 4 standard deviations up above the trend from Q1 to Q2's report dates, confirms my hunch that this was indeed a top in FB . The close is specially reassuring, and I expect to see downside continuation from here onwards. I aim for 113.52 at the very least, but it could break that support and head lower to 102.27. My entry was at 124.48.
Good luck if you're in, or looking to join me next week.
Check out my updated track record here: http://pastebin.com/6CyyqnPT
If interested in my real time whatsapp alerts and swing trading newsletter, or in personal tuition, contact me privately. I'm offering a considerable discount on a packaged course which includes access to my private trading signals list for a year.
Link to Tim West's chatroom: https://www.tradingview.com/chat/#c8BzrhGRvXxGXWnJ
We discuss setups like this often there. Feel free to stop by and subscribe to his indicator pack. If you have any questions ask.
Risk disclaimer: My analysis is provided as general market commentary and does not constitute investment advice. I will not accept liability for any loss or damage including, without limitation, to any loss of profit which may arise directly or indirectly from use of or reliance on such information.