Facebook - a new high

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Let's take a look at facebook             from the beginning of the current uptrend.

Everything started with a fry pan bottom, labeled in red. The confirmation signal was that huge gap up, an excellent buying opportunity. That gap showed us that the investor's sentiment on facebook             changed, bulls coming to power.

Then after a few months of upward movement and a correction ( the left shoulder) a divergence was taking shape. After an exhaustion gap we had a doji , followed by an engulfing pattern which was the signal for a stronger correction.

By mid november, we had a beautiful H&S pattern with a broken neckline. Allthough price was declining, histrogram was rising, a signal for caution, not reverseal. The day after the neckline was broken, we can see a piercing line pattern. This was the turning point of the market, the place where the smart money bought the stock (not me, unfortunately i missed the boat).

Technical analysis can give us a sight of the future. Yesterday's volume confuses me, i do not know what to think of it, probably many bulls unloaded because it didn't go over resistence, but the price maintained at a high level, so we had buyers too. Today, we have relatively strong volume , with a strong break over resistance, histogram rising, weekly chart looking bullish so an uptrend is probable.

If tommorow we won't have an ugly gap down, i am going to enter long with a stop under the previous high ( red line) and under the hesisation candles.
It appears that FB is accumulating? and trending slightly sideway and down. Possible bump in the near future? What's your thought?
i'm still waiting to see some movement, i don't enter on sideways markets, even though that means that i loose some of the potential profits, better safe than sorry. You said u r allready long, I would stay with it with a stop under the hesitation labeled on the chart, if u can't aford it, put a stop under the last two candles. Until we don't see a reverseal signal just stay with the position, it's a risk worth taking, facebook has been a strong stock last months
did u place ur stop under the hesitation area??
Thanks for putting up the chart. Yesterday it was trading down but ended up at 57.96. What is your take on tomorrow's action? Up or Down based on the past few days' data. I am long with target at 65. Thanks
IMO the last candle shouldn't be taken into considetation so much, because it was the day before christmas, low volume... I didn't enter yet, im waiting to see some movement tommorow, i will buy over the last day high. Regarding ur question up or down, you can't know for sure ofc, but this is a bullish chart so i'll say we should go up. About ur target, i don't think you should have a target, as far as i am concerned we could go anywhere, the only resistance levels up ahead are the psychological numbers.
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