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

Facebook's (FB) Bullish Continuation is Being Challenged

Recently, Facebook $FB rallied sharply from around $160 a share to above $170 after earnings beat estimates. This rally could have triggered a bullish continuation, but it is still not clear as price retreats from a key resistance after cracking it .

Facebook Daily Chart

(click to enlarge)


Resistance:
- On the daily chart, we can see that there is a key resistance area around $175. 
- The moving average cluster is around here. There is also a support/resistance pivot area around here. 
- Price cracked this resistance last week, but has since retreated back below $175. 
- Furthermore, the RSI is still holding below 60, which suggests maintenance of the prevailing bearish momentum.
- So far, price action looks tentative after the breakout, but that could simply be a function of overall market sentiment, which is also tentative. 
- If price falls below $168, the bullish continuation attempt could be a failure. 
- If price holds above $170 for the most part, we can be more confident on the bullish continuation outlook.

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