FB 1/10/21 1D Time Frame
FB seems to have created 2 possible channels and is trading with lower highs and lower lows for the past week or two. Sign of a down trend.
The main major channel shows of a possible uptrend and bottom channel support seems to be holding but 282 key level of resistance and 292 target area needs to break to confirm continued uptrend.
Scenario 1. Main channel bottom support holds and price is rejected for a bullish move. Key area for a continued bullish move; 282 area and 292.70 target area are key areas for price action to break for a continued bullish trend.
Scenario 2. Main channel bottom support breaks for a continued bearish trend but price action might still bounce from secondary channel bottom support. If channel 2 bottom support breaks price might find support at the 200 ema area.
Scenario 3.
Price action bounces back from either bottom channel supports or 200 ema but does is rejected at the 282 key area confirming new down trend channel.
Disclaimer
I do not know how the market will move tomorrow. All my post is not a recommendation, advise nor a suggestion and should not be used as a replacement for investment advice from a qualified licensed professional. All my post is for practice, informational and entrainment purposes only as I am not a registered investment advisor and do not offer investment advice and recommendation. You, the reader, bear full responsibility for your own investment and trade decisions and should seek the advice of a qualified securities professional before making any investment or trade.
FB seems to have created 2 possible channels and is trading with lower highs and lower lows for the past week or two. Sign of a down trend.
The main major channel shows of a possible uptrend and bottom channel support seems to be holding but 282 key level of resistance and 292 target area needs to break to confirm continued uptrend.
Scenario 1. Main channel bottom support holds and price is rejected for a bullish move. Key area for a continued bullish move; 282 area and 292.70 target area are key areas for price action to break for a continued bullish trend.
Scenario 2. Main channel bottom support breaks for a continued bearish trend but price action might still bounce from secondary channel bottom support. If channel 2 bottom support breaks price might find support at the 200 ema area.
Scenario 3.
Price action bounces back from either bottom channel supports or 200 ema but does is rejected at the 282 key area confirming new down trend channel.
Disclaimer
I do not know how the market will move tomorrow. All my post is not a recommendation, advise nor a suggestion and should not be used as a replacement for investment advice from a qualified licensed professional. All my post is for practice, informational and entrainment purposes only as I am not a registered investment advisor and do not offer investment advice and recommendation. You, the reader, bear full responsibility for your own investment and trade decisions and should seek the advice of a qualified securities professional before making any investment or trade.
Comment:
18JAN21, Price broke below buy zone, but 244 support seems to hold. We will have to wait and see if price action bounces back up within channel range and if it holds. Still bullish on FB at this current time.