Facebook, Inc. (FB) broke lateral resistance (an all-time high at 222.75) and continue higher in strong momentum which could be extended into the next few trading days and send prices to retest upper Bollinger band around 228. For potential entry watch for confirmation of trend around 223.7.
@tobyz7, unfortunately, FB stock price reacted negatively at open after the ER yesterday, I think generally it was an "overreaction" and price is likely to bounce short term... BTW... UBS today maintained Buy coverage on FB with the target at 246 so in my opinion mid to long term period for FB is positive
tobyz7
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@traderhrCOM, It wasn't much of a negative reaction at open this morning. It was more a panic reaction immediately after the ER post-market yesterday -- off $13.58 within 6 minutes.
I had had a protective stop loss order in, but post-market it was never activated. I cancelled that before today's open or else I'd have been kicked out at a bad price. To look at this optimistically, at this moment we're only about $3.75 below Monday's low. We'd have thought little about it if the price had declined a bit on Tuesday.
I'm looking for a return to the $215 area next week. Then I can decide whether to take a profit or to continue to hold on momentum.
tobyz7
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@tobyz7, PS, after looking at yesterday's post-market chart, I'm seeing anything above $208.50 as on the road to recovery.