tradersmentality

Facebook Trading Range

NASDAQ:FB   FACEBOOK INC
FB has converted from a bull trend into a bull flag trading range. The bulls are currently attempting to test the all time high. The bears want a large second leg down and will attempt to form a double top or lower high over the coming weeks. One more push up for the bulls may lead to a wedge retest of the high, and start the second leg down. If the bulls get a new all time high there will likely be profit taking there, or around the July 2018 bull close which trapped bulls. Less likely, the bulls get a strong breakout above and the bull trend continues. More than likely prices will remain range bound around the all time high (220ish) and 130.

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