FB has a great chance at breaking out from this inverse head and shoulders pattern. As an aspiring chartist, I am intrigued to constantly find the same set-up patterns time after time. Not to mention that the 4 Hour chart is one of the strongest timeframes for identifying potential inverse head and shoulders patterns; Indicating a reversal in trend. I have a RED downtrend line acting as resistance and Blue line representing the uptrend from the double bottom around $151. The Orange lines representing the Ascending Shoulder line and Descending Neckline. Long Facebook if $163.50 holds. BTD if not too late.
Comment:
Looks like we are now in the cup and handle phase since the inverse head and shoulders did not follow through as much as expected. Still on the way up