Hi traders! Looks like Facebook right now is trading inside an ascending wedge towards earnings announcement day.
We will have to wait and see if continues to respect it in the next 20 trading days. Considering this data it would not be a surprise if Facebook gets to the 360 ish mark by then. However, sharp ascending wedges like this are difficult to maintain over time so we should expect to see a correction following the earnings announcement. Consolidation days like today are necessary to keep the momentum sustainable though, so we should expect to see more days like this before it gets to the end. Right now RSI and macd are showing this trend might be getting to an end, but all Wall street seems to be bullish about them so that should give it boost.
If you are going to trade this idea your stop loss would be a fall of this trend.
Good luck!
Please leave a like if you liked this post or leave a comment to exchange ideas!
We will have to wait and see if continues to respect it in the next 20 trading days. Considering this data it would not be a surprise if Facebook gets to the 360 ish mark by then. However, sharp ascending wedges like this are difficult to maintain over time so we should expect to see a correction following the earnings announcement. Consolidation days like today are necessary to keep the momentum sustainable though, so we should expect to see more days like this before it gets to the end. Right now RSI and macd are showing this trend might be getting to an end, but all Wall street seems to be bullish about them so that should give it boost.
If you are going to trade this idea your stop loss would be a fall of this trend.
Good luck!
Please leave a like if you liked this post or leave a comment to exchange ideas!