If you go back and look at my previous chart you can see I have been waiting for FB to make this move and now I think it is going for $400
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Today FB came back and tested the bottom of the gap. Look for a reversal soon and a strong uptrend for next week or two
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Friday was a witching hour for sure, as expected, but now there is green grass ahead
- FB tested the middle of the previous consolidation period + previous support levels tend to fall in the middle of these consolidation phases, or bouncing off the 50 EMA + after bouncing off the 50 EMA toward the end of the day, FB started to make a strong rally up
If you have been waiting to get into FB this is your best opportunity before it rallies to $400
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I came across something interesting this morning
- Congress looks to vote on the infrastructure bill September 27 + in the past, support for the infrastructure deal causes selling in tech stocks + that is the same day I expect FB, and other tech stocks, to reach a level of resistance
- I expect that stocks will go through a consolidation phase for about two weeks and then drop. + October 11-13 is when I expect stocks to start falling + October 13 is the day the feds will release their FOMC minutes from September
It looks like we are entering the phase of this bullish uptrend and we are coming upon bear country. If you are trading options, $404.66 is a good place to buy puts and ride the down trend.
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Yesterday was a down day for the stocks, but I realized something too late. My chart had predicted this fall yesterday. I removed the lines from this chart and missed it. I will be making a new post about it