FB long term H&S?

The previous Facebook analysis where we caught the the ATH prices worked out great eventually. Unfortunately not everyone could trade it because the big movement happened during the after hours trading which is not possible at every random broker. Now a few months later the price kept on dropping and has reached the 2018 low again around 150. So it is at a very important level now, because if we get a weekly close below the 150, it will probably mean it will drop even more the rest of the year and even next year. If we do see a break of that trend line we could see a right shoulder forming of a very big H&S pattern, but the price should stay below the 180/175 the coming months.

On the right we can see a support line, if that breaks tomorrow we might see another test of the support zone. The 160 looks like a very big resistance zone now, so if this breaks the right shoulder idea i talked about becomes very likely.
Short term it seems the 154 is a support level, if that breaks the bears will probably attack the 150 again.



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Previous analysis:

Comment:

After that small trend line broke it dropped to the support line, made a small bounce up and tested the former support as resistance. Since then it has been dropping and broke a very important support level. Quite sure a long term high has been set and a bear market has started for Facebook. If we see a move up towards the 175ish, will probably be a perfect level to short it again. For now, it can still drop more but eventually we will see an upwards correction.