FB stock repeating July 2018 pattern. Expect price to further decrease until it increases. The difference here is that MACD has already crossed over into bearish territory. Stochastics has moved into oversold territory and weakness in the trend shown by the RSI is looking oversold. RSI signal line of 41 is still in range between 50 and 20. This shows that there is room for the stock to further dip. Either wait for 6 months to get a bullish candle with confirmation candles to enter the trade (approximately July 2022). If taking a long-term position (greater than 1 year) and it's ok to take a temporary drawdown or to dollar cost average, it is a good buy right now. Otherwise, it's better to wait till July and see if the price starts appreciating again as an entry trade.
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Risk Disclaimer
*Futures, stocks, exchange traded funds and spot currency trading have large potential rewards, but also large potential risk. You must be aware of the risks and be willing to accept them in order to invest in the futures , stocks, and forex markets.
Comment:
Price crossed below July 18 Support level. Looks like a trend continuation into the bearish territory in the short-run. Awaiting Stochastics and RSI to enter into bullish range, followed by a MACD convergence.