The recent bad news that hit FB has caused the price to fall by more than 10% last week. OUCH.
Note that the important resistance level at 223.67 that has been taken out on 20 May 20 and turn support has now been breached. Here, if the price does fall through the bullish trend line, then we can see it heading towards first 216 then 174.
If you want to short, be patient, wait for the pullback to 223.67 , assess the situation before initiating your shorts. There lies a possibility of a price rebound as the price is still within the bullish trend line.
Note that the important resistance level at 223.67 that has been taken out on 20 May 20 and turn support has now been breached. Here, if the price does fall through the bullish trend line, then we can see it heading towards first 216 then 174.
If you want to short, be patient, wait for the pullback to 223.67 , assess the situation before initiating your shorts. There lies a possibility of a price rebound as the price is still within the bullish trend line.
Comment:
ah, tricky trade. It closed with a bullish candle and is inside the bullish trend. This is a fake break down. Get confirmation from tonight's closing to determine a buy or sell later
Comment:
notice at current level, it has been rejected 4 times? Bears should be cautious as the price has returned back to the bullish trend line strongly. So, I won't short if I am taking this trade.
I am neither buying as the price seems a little overbought for now.
I am neither buying as the price seems a little overbought for now.
Comment:
look at the current price, it seems hard to break through. Bulls and bears are having a tug of war here.
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look at my Nasdaq chart, it shows the same bearish engulfing candle
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it has to break out of 246 resistance level in order to charge higher
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Phew, it has a gap up last night and return back to the bullish trend line.
Comment:
it is very likely to close the gap at 234 and if it finds support at 233.67 with bullish signals, that would be an entry point for long.