These are 4h candles, looks like Facebook did a massive and textbook cup and handle but is still trading within the handle portion. Nonetheless a huge breakout over the next few months is imminent. Stock also just bumped off the bottom of the channel and also off of a strong resistance line which explains the recent rise the past 3 days. Looks like $177-179 by Wednesday is easy, but has to break through the handle to go higher.
Looking at 1h candles, RSI just approached oversold and IV has dipped slightly under the mean. This signals a drop before the next retest of the handle. With the good news surrounding this, we may have a breakout of the handle on our hands. Depending on how the crypto thing goes we could really have something good coming our way. I’ll wait for the dip to buy my position.
As for news, Facebook is holding a meeting on their long awaited cryptocurrentcy on 6/14. If that meeting goes well, we could see a breakout of the handle with the potential to shoot to $200. The next retest of the handle looks like it lines up with 6/14, so lets hope there's enough momentum behind this stock to break through the descending channel! Happy Trading,
-A
Looking at 1h candles, RSI just approached oversold and IV has dipped slightly under the mean. This signals a drop before the next retest of the handle. With the good news surrounding this, we may have a breakout of the handle on our hands. Depending on how the crypto thing goes we could really have something good coming our way. I’ll wait for the dip to buy my position.
As for news, Facebook is holding a meeting on their long awaited cryptocurrentcy on 6/14. If that meeting goes well, we could see a breakout of the handle with the potential to shoot to $200. The next retest of the handle looks like it lines up with 6/14, so lets hope there's enough momentum behind this stock to break through the descending channel! Happy Trading,
-A