First of all I rarely short, but FB appears to me to be making a double top (16-10-25 to 17-2-2) with a smaller double top (17-1-26 to current date). This smaller double top comes with RSI convergence and break of the regression trend line. Additionally, FB is retesting the lower trend line of a rising wedge.
While I don't see FB dropping to $100 anytime soon. I could easily see lots of reasons either lighten some long positions are go short. In my case, since i don't have any long position in it and that i feel sentiment toward FB has been dropping for awhile (neither my friends or I waste our time on it anymore), I will take a small short.
Looking to short at 132.8 and 130.3 with stop around 133.5 and price targets 127 and 125 and 120.
While I don't see FB dropping to $100 anytime soon. I could easily see lots of reasons either lighten some long positions are go short. In my case, since i don't have any long position in it and that i feel sentiment toward FB has been dropping for awhile (neither my friends or I waste our time on it anymore), I will take a small short.
Looking to short at 132.8 and 130.3 with stop around 133.5 and price targets 127 and 125 and 120.