The current daily bearish divergence is worth a good counter-trend trade.
Captain-Claw
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Bull flag or double/triple top?
brycat23
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@Captain-Claw could be double topping on the shorter timeframes; this would be a longer term setup. If we do see some pullback I don’t expect it to be substantial as the flag extends to 220 zone and I would be shocked if we broke down below that level. Some pullback could be healthy to supply more buyers for the next push into the 250s
Captain-Claw
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@brycat23, That normally makes sense, technically, but in the current context with corona I think the long term (at least medium term, couple of years) doesn't look good for the stock market overall. I think a bubble burst is long overdue and the longer it takes, the more dramatic the fall. And even if FB is more "independent" a bubble burst will take it down as well, perhaps not as much as the rest. I could be wrong, that's just my view on it. I'm still amazed on the current stock market. I mean, the world is on fire, new records number of corona numbers almost daily, containment in US is a "tremendous" failure, yet the stock market is booming. Something's gotta give.