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Short

Head and Shoulders pattern for Fb on weekly chart, Sell Facebook

NASDAQ:FB   FACEBOOK INC
Fb             has a head and shoulders pattern, best seen on a weekly chart. The all time high of $86.07 in March was not exceeded in April or May. This is the first time since May 2013 that Fb             has had two sequentially lower monthly highs. Also Fb             has failed to hold its 50 day moving average . A weekly Doji is also problematic for FB             . The last two weekly Doji on 4/20 and 1/5 of this year, we saw a precipitous drop the next week. In April the drop was $7.48 from the Doji high to the low the following week, in January the drop was $5.71. I see Fb             dropping to $75.10 this week and closing at $78. If you look at a monthly chart of Fb             with Chaikin Money Flow , you will notice a severe drop since January, indicating distribution of Fb             . Follow the money, it's a great strategy. Fb             last quarter reported revenue was sequentially down from the quarter before. GAAP earnings declined sequentially for two quarters and were down year over year last quarter. SEC filings show George Soros, Mark Andreessen( FB             director) and others have sold the bulk of their Fb             holdings.
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