Facebook $FB has been in recovery mode since late December after it tagged a low of the year just above $123 per share. At the start of the week (1/21), we noted that Facebook shares were facing a key resistance when it came up to $150. Indeed, other than briefly poking above $150, price remained under $150 throughout the week.Anticipating Resistance in Facebook (FB)Facebook Daily Chart(click to enlarge)Bears in Charge:- If price indeed holds under $150, it would reflect bears being in charge of the current market.- Price would be respecting a previously critical support as resistance, which would be a strong bearish signal.- Furthermore, the RSI holding under 60 would also reflect maintenance of bearish momentum.$140 Support: - There is a support pivot around $140. - I think a break below $140 would open up the bearish continuation scenario.- I think if price indeed falls back down to $123, there is a good chance it will break lower at least to $120. - Below $120 however, I would limit the bearish outlook to $100. - In fact, in anticipation of another period of contraction in both the general market and in Facebook, I look to start accumulating FBonce price gets to $120, and average in down to $100. Bullish Scenario:- If price instead pushes closes $150, we might see a sharper pullback up towards the $165-$170 area. - For now, I would limit any bullish outlook to this support/resistance pivot area, which also involves the 200-day simple moving average (SMA). - In this scenario, I would look for selling especially we see a bearish divergence between the RSI and price. - If this scenario develops, I would not be confident of price reaching back into the $100-$120 area. - Instead, I would plan to buy in the $130-$135 area.