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Weekly Time frame 11/13: Facebook has been in an up-trending channel since 04/2020. Recently, on 10/18/21, Facebook broke the support line of the channel and has been retesting it multiple times up until 11/12/21. The last weekly candlestick has formed a Bearish Hanging Man candlestick at the top of a new lower high pullback, pointing towards a reversal direction in the stock price. Daily Time frame 11/13: After the massive selloff and a failure to retest the previous highs, FB has been forming a Rising Wedge pattern, this pattern is a continuation of the existing trend. Volume has been declining since 10/28/21 as well, indicating weakness as the price continues to push for a higher high. If this pattern comes true and the breakout below support happens, the price target of this pattern will be $298 4HR Time Frame 11/13: The 4hr is confirming the declining bullish volume and in contrast, increasing bearish volume after creating each higher high. However, within the Rising Wedge pattern, an Inverse H&S pattern has been created. I do not see this bullish reversal happening due to the fact of declining volume on each shoulder/head, strong resistance, and bearish sentiment due to multiple retests and its current downtrend state. The next higher high is looking to be the week of 11/15-11/19..this will be the 3rd touch of resistance of the Rising Wedge pattern.
11:55 AM: Facebook broke back into resistance structure and I can now see it heading lower as previously stated in my notes to $300
Inverse head and shoulders since start of October - yesterdays break was confirmation - today is a retest of the neckline - PRICE TARGET $370 FROM tip of head to neckline
IAmKam
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@arich1282, Awesome... tell me why the stock is falling at this exact comment time lol. Thank you for your comment sir.
fobmanny
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to me it looks like it's making another bullish parallel channel on the daily/4h/hourly chart
IAmKam
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@centeno82991 Let's take these bulls' money, thank you for the like, and follow.