Facebook appears to be in a consolidation phase. It looks like a bullish pennant is forming and may continue to play out for the next few months.
The signals are suggesting that the price is likely to fall somewhat. Lets see if it holds at the support line at around $244.
The question is, should one wait before getting into the stock or be of the opinion that an entry point of around $255 - $260 should be an attractive entry point after the bullish pennant has been completed?
Fundamentally its a great company and a solid buy and hold. I think it all comes down to the entry point and position size.
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Please note, this idea is shared for educational and discussion purposes only and should not result in speculative investment decisions in any asset class.
The signals are suggesting that the price is likely to fall somewhat. Lets see if it holds at the support line at around $244.
The question is, should one wait before getting into the stock or be of the opinion that an entry point of around $255 - $260 should be an attractive entry point after the bullish pennant has been completed?
Fundamentally its a great company and a solid buy and hold. I think it all comes down to the entry point and position size.
Please like and follow for daily posts on various asset classes. Please also share your views on the trading ideas and whether or not you find them to be of any value to you as a trader.
Please note, this idea is shared for educational and discussion purposes only and should not result in speculative investment decisions in any asset class.