FB is either approaching center of mid-term wedge, or has already breached into the positives... My guess, it was just a pump up above (which is very common for this highly volatile, news-directed stock), and it will experience "correction" back to previous support around 201 or so... 201 SHOULD hold......
If it falls through 201, then 197-198 will be right there to catch it... but this is not good news... this would mean it is turning downwards in the mid-term... IF it continues to fall to 195 support, then get your popcorn ready and that's the easiest short in the world -- at 190 puts, expecting 187-188 support...
I cannot imagine a new pattern not taking place to boost it back up again... I'm expecting growth over of the next 3 months... next earnings is what I am concerned about... for once, July may prove to be a good time for traders!
So HEADS UP! Pay attention to the moves this week -- expect a near-term drop, and watch for it to break above 204 again... otherwise, be sure to have your umbrella out... (let it rain cash though, time to short if it goes sub-190!)
NOTE: I put "Double Top" as category... if this is a Double Top, then FB has very large downside potential... easy short at 190, then follow it down... although, again, I'm expecting big, institutional money to pump this up, despite negative news, and reach all-time highs with Tech Growth stock peers... before next earnings' thunderstorm?
Let me know what you think!
If it falls through 201, then 197-198 will be right there to catch it... but this is not good news... this would mean it is turning downwards in the mid-term... IF it continues to fall to 195 support, then get your popcorn ready and that's the easiest short in the world -- at 190 puts, expecting 187-188 support...
I cannot imagine a new pattern not taking place to boost it back up again... I'm expecting growth over of the next 3 months... next earnings is what I am concerned about... for once, July may prove to be a good time for traders!
So HEADS UP! Pay attention to the moves this week -- expect a near-term drop, and watch for it to break above 204 again... otherwise, be sure to have your umbrella out... (let it rain cash though, time to short if it goes sub-190!)
NOTE: I put "Double Top" as category... if this is a Double Top, then FB has very large downside potential... easy short at 190, then follow it down... although, again, I'm expecting big, institutional money to pump this up, despite negative news, and reach all-time highs with Tech Growth stock peers... before next earnings' thunderstorm?
Let me know what you think!