Send me real-time posts from this site at my email
Fan Yang

Facebook (FB) Price Action Looks Wobbly

Facebook $FB has been bullish throughout 2017, but price action has started to become choppy, a signal of an impending price top. or at least a period of sideways action.

FB Daily Chart

(click to enlarge)

Slowing Down:
- The prevailing trend has been persistent, but has slowed down in 2018 even though it made a new high around $195 before falling in February.
- Since that $195 high, price has been choppy, and broke below some key support factors including both the 100- and 50-day simple moving average, a rising speedline.
- The 3/19 price action is the most indicative of topping, although it is still holding above the 200-day simple moving average (SMA).
- I think price will be able to push towards support around $162.15. 
- The RSI will finally clear below 40, which would indicate lost of bullish momentum. It could also dip below 30, which would reflect the start of some bearish momentum. 
- I I think we should limit any bearish outlook to $156 because FB is still overall in a bullish trend. 
- If price starts to have trouble pushing back above $170, then, we might consider a more significant bearish correction.

Welcome! Is it your First time here?

What are you looking for? Select your points of interest to improve your first-time experience:

Apply & Continue