Facebook has been trending inside the same channel for nearly 5 years. It recently broke out of the channel, and not in a false flag or noise sort of way - instead, the break is very clear, and very ominous, since Facebook basically hasn't experienced anything like this for its stock price in over 5 years. The silver lining is that the stock appears to have rebounded off its lower low (blue line) indicating that the stock won't go into free fall. However, when combined with the macro environment of the overall stock market and nearly 7% drop of the S&P 500 in the last 15 days, look for continued movement outside the channel in the future.
Comment:
Trade Was Correct