FB showing a possible reversal. Price is trading in a mini buyers market, in an overall downtrend. Currently, the buyers are holding ground and price trading close to a minor support. With 9ema/50ma lining up to suggest a possible reversal, there may be a high chance for a breakout of a major resistance @167.16. and may even go higher. Risky trade, however am paper trading this setup to see how to identify market reversals. Entered early on the 9ema (a bit too early).
Trade active:
Upon market open, I was able to widen my S/L to 160.23 when price gaped lower. Will continue to monitor the trade, but if market still continues in the red, would likely come out of the trade and reassess
Comment:
Unsure how price would move from this point (fundamentally speaking on the creative side of the company since their Instagram executives have left). May react possibly like Nike when Colin Kaepernick's advertisement was released and the company became a short term value buy. Highly speculating though..
Trade closed: stop reached:
Modified S/L was hit. P/L: +1.02%