stephen.punwasi
Long

Facebook Still A Sell?

NASDAQ:FB   FACEBOOK INC
38 0 1
With a double hit to the Oct             16/17 gap, it looks like Facebook             is ready to move higher. Finally. With the market reaching an all time high however, you should be careful of the bullish signs reversing.

PRICE - After closing the gap on Oct             30, the market demonstrated support by sending it higher, bouncing off that previous gap again on Nov 20. From here the path appears to be the the 76.50 resistance seen most recently on Nov 11. Any break above that and you can expect it to make a run to previous highs. A rejection there will likely send it substantially lower than today's price. Keep a shallow stop loss in mind.

ACCUMULATION - Unlike most earnings related sell offs, Facebook             actually started seeing accumulation return after the prices dropped. This likely indicates strong support at the current level.

MACD - Looks like it's going to make a bullish cross over the next few days. Keep an eye out for any rejection.
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