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Fan Yang

Anticipating Resistance in Facebook (FB)

Facebook $FB has been recovering since it tagged $123 at the end of 2018. Since then, price has climbed back to $150. I think this is where we should anticipate resistance.

FB Daily Chart

(click to enlarge)

- Price is back to $150, which was a previous support. If the market is still in bearish correction mode, we should anticipate resistance here.
- If price falls back below $140 FB might be back on its bearish correction mode towards $110-$120 area, which is a key support/resistance pivot area. 
- But if price can hold above $140, and then push above the current pivot around $150, we might see some more upside towards $165-$170.
- This second scenario would probably reflect a market that has shifted from a bearish correction to sideways consolidation. BUT, in my opinion, it would be too soon to call it bullish continuation. 

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