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FACEBOOK Daily Technicals - Saloons Door Experiment PREMIUM USERS $FB #fb
June 25 ( From TradingView )
June 25 ( From TradingView )
This is part of a Free Trial on the Facebook Trading Package on June 24 and 25. More Info Here
Yesterday I wrote:
To stay bullish in FB, I still need a close above $65.05 today: unless back into a correction phase. ( we did close at $65.72 ).
Yesterday was the saloons door experiment; after reaching a new high of $67.17 ( that was my ultimate bull target at $67.20 ), FB Shares tumbled with the corrective stance on the SP500. FB is victim of his own great price performance. Some profit taking in FB Shares to cover bad positions...
To stay bullish in FB, I still need a close above $65.35 today: unless back into a correction phase.
Interesting to note that we are broke on June 17 the 50 Day Moving Average (DMA) in the ratio of Facebook Shares compare to the SOCL ETF (4th chart below - red line) but came back over on June 24. Also, we broke on June 19 the 20 DMA with the SP500 (3rd chart below - yellow line) but we came back above on June 23 - a good technical sign indeed.
Also, looking at a weekly chart, we do have a rising channel with $62.40 as support and $70.10 as resistance. (see 2nd chart below - Channel ).
So short term and long term bullish.
Now back to daily technicals:
We are back since June 23 into an uptrend channel that started on May 16 with $65.35 support and $70.10 as resistance.
Take note that we tested on June 20 and rebounded from the 20 DMA
(Day Moving Average) at $63.84 ( now at $64.15 ). We must stay above that level for technical strenght.
Starting to trade below $64.88 will mean to me extreme technical weakness...
The ride will still be an above average volatility pattern of price action...
A daily close above $66.47 will give us another bullish impulse and direct go towards $67.20 max $67.60 for now in the next few sessions.
A daily close below $66.47 but above $65.35 will mean for me that we are into a bullish phase for a few sessions. My main scenario for now.
A daily close below $65.35 will mean for me that we are back into a correction mode and target towards 64.15 and max $63.35 for now.
FB shares outperformed the SP500 on June 24 (3rd chart below)
FB shares outperformed the SOCL ETF on June 24 (4th chart below)
Expect a day trading range between $64.90 - $66.50 with above average volatility.
Support : $65.35 and $64.88 Resistance : $66.50 and $67.20
Yesterday I wrote:
To stay bullish in FB, I still need a close above $65.05 today: unless back into a correction phase. ( we did close at $65.72 ).
Yesterday was the saloons door experiment; after reaching a new high of $67.17 ( that was my ultimate bull target at $67.20 ), FB Shares tumbled with the corrective stance on the SP500. FB is victim of his own great price performance. Some profit taking in FB Shares to cover bad positions...
To stay bullish in FB, I still need a close above $65.35 today: unless back into a correction phase.
Interesting to note that we are broke on June 17 the 50 Day Moving Average (DMA) in the ratio of Facebook Shares compare to the SOCL ETF (4th chart below - red line) but came back over on June 24. Also, we broke on June 19 the 20 DMA with the SP500 (3rd chart below - yellow line) but we came back above on June 23 - a good technical sign indeed.
Also, looking at a weekly chart, we do have a rising channel with $62.40 as support and $70.10 as resistance. (see 2nd chart below - Channel ).
So short term and long term bullish.
Now back to daily technicals:
We are back since June 23 into an uptrend channel that started on May 16 with $65.35 support and $70.10 as resistance.
Take note that we tested on June 20 and rebounded from the 20 DMA
(Day Moving Average) at $63.84 ( now at $64.15 ). We must stay above that level for technical strenght.
Starting to trade below $64.88 will mean to me extreme technical weakness...
The ride will still be an above average volatility pattern of price action...
A daily close above $66.47 will give us another bullish impulse and direct go towards $67.20 max $67.60 for now in the next few sessions.
A daily close below $66.47 but above $65.35 will mean for me that we are into a bullish phase for a few sessions. My main scenario for now.
A daily close below $65.35 will mean for me that we are back into a correction mode and target towards 64.15 and max $63.35 for now.
FB shares outperformed the SP500 on June 24 (3rd chart below)
FB shares outperformed the SOCL ETF on June 24 (4th chart below)
Expect a day trading range between $64.90 - $66.50 with above average volatility.
Support : $65.35 and $64.88 Resistance : $66.50 and $67.20
RATIO FB Stock over SPX ( Blue Line )
SP500 Index ( Candles )
SP500 Index ( Candles )
Facebook Shares Prices Daily $FB ( Candles )
June 25 Saloons Door Experiment
This is part of a Free Trial on the Facebook Trading Package on June 24 and 25. More Info Here
Yesterday I wrote:
To stay bullish in FB, I still need a close above $65.05 today: unless back into a correction phase. ( we did close at $65.72 ).
Yesterday was the saloons door experiment; after reaching a new high of $67.17 ( that was my ultimate bull target at $67.20 ), FB Shares tumbled with the corrective stance on the SP500. FB is victim of his own great price performance. Some profit taking in FB Shares to cover bad positions...
To stay bullish in FB, I still need a close above $65.35 today: unless back into a correction phase.
Interesting to note that we are broke on June 17 the 50 Day Moving Average (DMA) in the ratio of Facebook Shares compare to the SOCL ETF (4th chart below - red line) but came back over on June 24. Also, we broke on June 19 the 20 DMA with the SP500 (3rd chart below - yellow line) but we came back above on June 23 - a good technical sign indeed.
Also, looking at a weekly chart, we do have a rising channel with $62.40 as support and $70.10 as resistance. (see 2nd chart below - Channel ).
So short term and long term bullish.
Now back to daily technicals:
We are back since June 23 into an uptrend channel that started on May 16 with $65.35 support and $70.10 as resistance.
Take note that we tested on June 20 and rebounded from the 20 DMA
(Day Moving Average) at $63.84 ( now at $64.15 ). We must stay above that level for technical strenght.
Starting to trade below $64.88 will mean to me extreme technical weakness...
The ride will still be an above average volatility pattern of price action...
A daily close above $66.47 will give us another bullish impulse and direct go towards $67.20 max $67.60 for now in the next few sessions.
A daily close below $66.47 but above $65.35 will mean for me that we are into a bullish phase for a few sessions. My main scenario for now.
A daily close below $65.35 will mean for me that we are back into a correction mode and target towards 64.15 and max $63.35 for now.
FB shares outperformed the SP500 on June 24 (3rd chart below)
FB shares outperformed the SOCL ETF on June 24 (4th chart below)
Expect a day trading range between $64.90 - $66.50 with above average volatility.
Support : $65.35 and $64.88 Resistance : $66.50 and $67.20
June 24 Back Into the Uptrend Channel
Yesterday I wrote:
I do not consider having met my bullish condition and now shift back into a consolidation mode. Only a daily close today above $65.25 will make it back to a bullish stance. ( we did close at $65.37 ).
To stay bullish in FB, I still need a close above $65.05 today: unless back into a correction phase.
Interesting to note that we are broke on June 17 the 50 Day Moving Average (DMA) in the ratio of Facebook Shares compare to the SOCL ETF (4th chart below - red line). Also, we broke on June 19 the 20 DMA with the SP500 (3rd chart below - yellow line) but we came back above on June 23 - a good technical sign indeed.
Also, looking at a weekly chart, we do have a rising channel with $62.40 as support and $70.10 as resistance. (see 2nd chart below - Channel ).
So short term and long term bullish.
Now back to daily technicals:
We are back sine June 23 into an uptrend channel that started on May 16 with $65.05 support and $69.80 as resistance.
Also, we are not evolving anymore within an overlapp downtrend channel that started on June 12 with $62.60 as support and $65.05 as resistance.
Take note that we tested on June 20 and rebounded from the 20 DMA
(Day Moving Average) at $63.84 ( now at $64.04 ). We must stay above that level for technical strenght.
Starting to trade below $64.04 will mean to me extreme technical weakness...
The ride will still be an above average volatility pattern of price action...
A daily close above $65.82 will give us another bullish impulse and direct go towards $66.50 max $67.20 for now in the next few sessions.
A daily close below $65.82 but above $65.05 will mean for me that we are into a bullish phase for a few sessions. My main scenario for now.
A daily close below $65.05 will mean for me that we are back into a correction mode and target towards 64.04 and max $63.35 for now.
FB shares outperformed the SP500 on June 23 (3rd chart below)
FB shares outperformed the SOCL ETF on June 23 (4th chart below)
Expect a day trading range between $64.70 - $66.00 with above average volatility.
Support : $65.05 and $64.68 Resistance : $65.82 and $66.50
June 23 The Outage Correction
Last Friday I wrote:
To stay bullish in FB, I still need a close above $64.50 today: unless a new correction phase will begin.
The last quick run up in FB shares in the last 10 minutes of the trading session from $64.14 to reach $64.50 was option related. I must say that under those conditions, I do not consider having met my bullish condition and now shift back into a consolidation mode. Only a daily close today above $65.25 will make it back to a bullish stance.
Interesting to note that we are broke on June 17 the 50 Day Moving Average (DMA) in the ratio of Facebook Shares compare to the SOCL ETF (4th chart below - red line). Also, we broke on June 19 the 20 DMA with the SP500 (3rd chart below - yellow line). Two bad omen for FB shares.
Also, looking at a weekly chart, we do have a rising channel with $62.40 as support and $70.10 as resistance. (see 2nd chart below - Channel ).
So short term in consolidation mode and long term bullish.
Now back to daily technicals:
We are not anymore into an uptrend channel that started on May 16 with $64.80 support and $69.50 as resistance.
Also, we are evolving within an overlapp downtrend channel that started on June 12 with $62.80 as support and $65.25 as resistance.
Take note that we tested on June 20 and rebounded from the 20 DMA
(Day Moving Average) at $63.84. We must stay above that level for technical strenght.
Starting to trade below $63.50 will mean to me extreme technical weakness...
The ride will still be an above average volatility pattern of price action...
A daily close above $65.25 will give us another bullish impulse and direct go towards $65.80 max $66.50 for now in the next few sessions.
A daily close below $65.25 but above $62.80 will mean for me that we are into a consolidation phase for a few sessions. My main scenario for now.
A daily close below $62.80 will mean for me that we are back into a more severe correction mode and target towards 61.80 and max $61.10 for now.
FB shares outperformed the SP500 on June 20 (3rd chart below)
FB shares outperformed the SOCL ETF on June 20 (4th chart below)
Expect a day trading range between $63.50 - $65.00 with above average volatility.
Support : $64.05 and $63.84 Resistance : $64.88 and $65.25
June 20 Uptrend Phase at Risk
Yesterday I wrote:
To stay bullish in FB, I still need a close above $64.20 today: (we did close at $64.34) unless a new correction phase will begin. Expect today a tiny correction towards $64.88 MAX $64.30 before resuming uptrend.
My concern is that after testing the $64.30 zone at the beginning of the afternoon yesterday, we should have rebounded: we did not. So today s the final chance for that rebound.
To stay bullish in FB, I still need a close above $64.50 today: unless a new correction phase will begin.
Interesting to note that we are broke the 50 Day Moving Average (DMA) in the ratio of Facebook Shares compare to the SOCL ETF(4th chart below - red line). Also, we are testing the 20 DMA with the SP500 (3rd chart below - yellow line).
Also, looking at a weekly chart, we do have a rising channel with $61.50 as support and $69.10 as resistance. (see 2nd chart below - Channel ).
Now back to daily technicals:
We are still into an uptrend channel that started on May 16 with $64.50 support and $69.20 as resistance. Also, there is a resistance trendline ( amber line - 1st chart below ) at $65.40.
Take note that the 50 DMA (Day Moving Average) is at $61.07.
We must stay above that level for technical strenght.
Starting to trade below $63.75 will mean to me extreme technical weakness...
The ride will still be an above average volatility pattern of price action...
A daily close above $65.80 will give us another bullish impulse and direct go towards $66.50 max $67.20 for now in the next few sessions.
A daily close below $65.80 but above $64.50 will mean for me that we are still into a bull phase for a few sessions. My main scenario for now.
A daily close below $64.50 will mean for me that we are back into a correction mode and target towards 63.60 and max $61.10 for now.
FB shares underperformed the SP500 on June 19 (3rd chart below)
FB shares underperformed the SOCL ETF on June 19 (4th chart below)
Expect a day trading range between $63.75 - $65.40 with above average volatility.
Support : $64.05 and $63.75 Resistance : $64.70 and $64.90
June 19 Into the Uptrend Phase
Yesterday I wrote:
We are still in the process of resuming uptrend for Facebook Shares. For me, breaking the $64.88 resistance level now on a daily close will accelerate that uptrade in the next few sessions.
The next big technical step for the bullish scenario will be to trade and close above the $65.80 zone.
To stay bullish in FB, I still need a close above $64.20 today: unless a new correction phase will begin. Expect today a tiny correction towards $64.88 MAX $64.30 before resuming uptrend.
Interesting to note that we are now testing the 50 Day Moving Average (DMA) in the ratio of Facebook Shares compare to the SOCL ETF
(4th chart below - red line).
Also, looking at a weekly chart, we do have a rising channel with $61.50 as support and $69.10 as resistance. (see 2nd chart below - Channel ).
So Still short term and long term bullish.
Now back to daily technicals:
We are still into an uptrend channel that started on May 16 with $64.20 support and $68.90 as resistance.
Take note that the 50 DMA (Day Moving Average) is at $60.95.
We must stay above that level for technical strenght.
Starting to trade below $64.20 will mean to me extreme technical weakness...
The ride will still be an above average volatility pattern of price action...
A daily close above $65.80 will give us another bullish impulse and direct go towards $66.50 max $67.20 for now in the next few sessions.
A daily close below $65.80 but above $64.20 will mean for me that we are still into a bull phase for a few sessions. My main scenario for now.
A daily close below $64.20 will mean for me that we are back into a correction mode and target towards 63.40 and max $61.00 for now.
FB shares outperformed the SP500 on June 18 (3rd chart below)
FB shares outperformed the SOCL ETF on June 18 (4th chart below)
Expect a day trading range between $64.70 - $65.90 with above average volatility.
Support : $64.88 and $64.20 Resistance : $65.75 and $66.50
June 18 Still Resuming Uptrend Phase
Not much have changed for me since yesterday. We did retest the $64.90 zone and failed but did not make a new low. We are still in the process of resuming uptrend for Facebook Shares. For me, breaking the $64.88 resistance level now on a daily close will accelerate that uptrade in the next few sessions.
To stay bullish in FB, I still need a close above $63.90 today: unless a new correction phase will begin. The best scenario again is a bounce for FB and close above $64.88 today ; for me it will mean technical strenght.
Interesting to note that we are now testing the 50 Day Moving Average (DMA) in the ratio of Facebook Shares compare to the SOCL ETF
(4th chart below - red line).
Also, looking at a weekly chart, we do have a rising channel with $61.50 as support and $69.10 as resistance. (see 2nd chart below - Channel ).
So Still short term and long term bullish.
Now back to daily technicals:
We are still into an uptrend channel that started on May 16 with $63.90 support and $68.60 as resistance.
Take note that the 50 DMA (Day Moving Average) is at $60.78.
We must stay above that level for technical strenght.
Starting to trade below $63.75 will mean to me extreme technical weakness...
The ride will still be an above average volatility pattern of price action...
A daily close above $64.88 will give us another bullish impulse and direct go towards $65.80 max $66.50 for now in the next few sessions.
A daily close below $64.88 but above $63.90 will mean for me that we are still into a bull phase for a few sessions.
My main scenario for now.
A daily close below $63.90 will mean for me that we are back into a correction mode and target towards 63.10 and max $60.80 for now.
FB shares outperformed the SP500 on June 17 (3rd chart below)
FB shares underperformed the SOCL ETF on June 17 (4th chart below)
Expect a day trading range between $63.90 - $65.30 with above average volatility.
Support : $64.13 and $63.75 Resistance : $64.88 and $65.35
June 17 Resuming Uptrend
We are in the process of resuming uptrend for Facebook Shares. For me, breaking the $64.98 resistance level on a daily close will accelerate that uptrade in the next few sessions.
To stay bullish in FB, I still need a close above $63.60 today: unless a new correction phase will begin. The best scenario again is a bounce for FB and close above $64.98 today ; for me it will mean technical strenght.
Interesting to note that we are near testing the 50 Day Moving Average (DMA) in the ratio of Facebook Shares compare to the SOCL ETF
(4th chart below - red line).
Also, looking at a weekly chart, we do have a rising channel with $61.50 as support and $69.10 as resistance. (see 2nd chart below - Channel ).
So Still short term and long term bullish.
Now back to daily technicals:
We are still into an uptrend channel that started on May 16 with $63.60 support and $68.30 as resistance.
Take note that the 50 DMA (Day Moving Average) is at $60.62.
We must stay above that level for technical strenght.
Starting to trade below $63.60 will mean to me extreme technical weakness...
The ride will still be an above average volatility pattern of price action...
A daily close above $64.98 will give us another bullish impulse and direct go towards $65.80 max $66.50 for now in the next few sessions.
A daily close below $64.98 but above $63.60 will mean for me that we are still into a bull phase for a few sessions.
My main scenario for now.
A daily close below $63.60 will mean for me that we are back into a correction mode and target towards 62.50 and max $60.60 for now.
FB shares underperformed as the SP500 on June 16 (3rd chart below)
FB shares underperformed the SOCL ETF on June 16 (4th chart below)
Expect a day trading range between $63.80 - $65.30 with above average volatility.
Support : $64.05 and $63.75 Resistance : $64.95 and $65.35
June 16 The Test
FB is still victim of his own good performance lately with the SP500 breaking technical supports. FB is paying the losses in other stocks.
That behavior will continue and accelerate especially IF SP500 futures U4
break the 1914 level.
We did have our dead cat bounce on the $64.90 zone last Friday but failed to stay above.
Today will be the real test. To stay bullish in FB, I still need a close above $63.30 today: unless a new correction phase will begin. The best scenario again is a bounce for FB and close above $64.90 today ; for me it will mean technical strenght.
Also, looking at a weekly chart, we do have a rising channel with $61.50 as support and $69.10 as resistance. (see 2nd chart below - Channel ).
So Still short term and long term bullish.
Now back to daily technicals:
We are still into an uptrend channel that started on May 16 with $63.30 support and $68.00 as resistance.
Take note that the 50 DMA (Day Moving Average) is at $60.53.
We must stay above that level for technical strenght.
Starting to trade below $63.30 will mean to me extreme technical weakness...
The ride will still be an above average volatility pattern of price action...
A daily close above $64.98 will give us another bullish impulse and direct go towards $65.80 max $66.50 for now in the next few sessions.
A daily close below $64.98 but above $63.30 will mean for me that we are still into a bull phase for a few sessions.
My main scenario for now.
A daily close below $63.30 will mean for me that we are back into a correction mode and target towards 62.50 and max $60.50 for now.
FB shares performed as the SP500 on June 13 (3rd chart below)
FB shares underperformed the SOCL ETF on June 13 (4th chart below)
Expect a day trading range between $63.60 - $64.90 with above average volatility.
Support : $64.05 and $63.80 Resistance : $64.95 and $65.35
June 13 The Euphoria Phase Over
Yesterday I wrote : We are now going into the Euphoria Phase - $66.70 target short term and the weekly at $68.10? We did trade $66.47 before tumbling. FB is victim of his own good performance lately with the SP500 breaking technical supports. FB is paying the losses in other stocks.
That behavior will continue and accelerate especially IF SP500 fut M4 break 1922.
To stay bullish in FB, yesterday I needed a close above $64.30 and we had $64.29. So I still consider on the bull side BUT SP500 will decide the trend of FB in the next few sessions. The best scenario is a dead cat bounce for FB and close above $64.90 today ; for me it will mean technical strenght.
Also, looking at a weekly chart, we do have a rising channel with $60.80 as support and $68.10 as resistance. (see 2nd chart below - Channel ).
So Still short term and long term bullish.
Now back to daily technicals:
We are still into an uptrend channel that started on May 16 with $63.00 support and $67.70 as resistance.
Take note that the 50 DMA (Day Moving Average) is at $60.49.
We must stay above that level for technical strenght.
Starting to trade below $63.60 will mean to me extreme technical weakness...
The ride will still be an above average volatility pattern of price action...
A daily close above $65.82 will give us another bullish impulse and direct go towards $66.70 max $68.10 for now in the next few sessions.
A daily close below $65.82 but above $64.30 will mean for me that we are still into a bull phase for a few sessions.
My main scenario for now.
A daily close below $64.30 will mean for me that we are back into a consolidation mode and target towards 63.00 and max $62.60 for now.
FB shares underperformed as the SP500 on June 12 (3rd chart below)
FB shares underperformed the SOCL ETF on June 12 (4th chart below)
Expect a day trading range between $63.60 - $65.00 with above average volatility.
Support : $64.00 and $63.60 Resistance : $64.90 and $65.30
June 12 The Euphoria Phase
Yesterday I wrote : the move was so huge in term of price that we can expect a pullback in the zone $64.30 to $64.90 before resuming uptrend.
We did trade $64.90 as the low of the day yesterday, a tiny correction and then showing technical strenght for me.
We are now going into the Euphoria Phase - $66.70 target short term and the weekly at $68.10?
Also, looking at a weekly chart, we do have a rising channel with $60.80 as support and $68.10 as resistance. (see 2nd chart below - Channel ).
So Still short term and long term bullish.
Now back to daily technicals:
We are still into an uptrend channel that started on May 16 with $62.70 support and $67.40 as resistance.
Take note that the 50 DMA (Day Moving Average) is at $60.46.
We must stay above that level for technical strenght.
Starting to trade below $64.30 will mean to me extreme technical weakness...
The ride will still be an above average volatility pattern of price action...
A daily close above $65.82 will give us another bullish impulse and direct go towards $66.70 max $68.10 for now in the next few sessions.
A daily close below $65.82 but above $64.30 will mean for me that we are still into a bull phase for a few sessions.
My main scenario for now.
A daily close below $64.30 will mean for me that we are back into a consolidation mode and target towards 63.50 and max $62.70 for now.
FB shares outperformed as the SP500 on June 11 (3rd chart below)
FB shares underperformed the SOCL ETF on June 11 (4th chart below)
Expect a day trading range between $65.30 - $66.70 with above average volatility.
Support : $65.30 and $64.90 Resistance : $66.40 and $66.70
June 11 The Catapult
Yesterday I wrote, we are getting very close of going from a consolidation phase to a bull trend. A daily close above $63.20 level confirmed that.
Yesterday the move was so huge in term of price ( a catapult style ) that we can expect a pullback in the zone $64.30 to $64.90 before resuming uptrend. IF we start to trade below $63.80, then for me a short term daily top have been confirmed.
Take note that in terms of relative performance, we tested on June 6 the 20 and 50 day moving average against the SP500 Index and rebounded violently on June 10. (See 3rd chart below -Ellipse)
Also, looking at a weekly chart, we do not have anymore a pattern with lower highs and lower lows. We had a weekly close on the week of May 26 above $61.40 that will change that pattern towards a more long term bullish view.
For this week, we need a close above $60.80 to keep that scenario alive.
(see 2nd chart below - Channel ).
So short term and bull long term.
Now back to daily technicals:
We are still into an uptrend channel that started on May 16 with $62.40 support and $67.10 as resistance.
Take note that the 50 DMA (Day Moving Average) is at $60.35.
We must stay above that level for technical strenght.
Starting to trade below $63.80 will mean to me extreme technical weakness...
The ride will still be an above average volatility pattern of price action...
A daily close above $65.80 will give us another bullish impulse and direct go towards $66.70 max $67.40 for now in the next few sessions.
A daily close below $65.80 but above $63.80 will mean for me that we are still into a bull phase for a few sessions.
My main scenario for now.
A daily close below $63.80 will mean for me that we are back into a consolidation mode and target towards 63.10 and max $62.40 for now.
FB shares outperformed as the SP500 on June 10 (3rd chart below)
FB shares outperformed the SOCL ETF on June 10 (4th chart below)
Expect a day trading range between $64.30 - $65.80 with above average volatility.
Support : $64.90 and $64.30 Resistance : $65.80 and $66.70
June 10 Near a Bull Signal
Yesterday, We failed to close above the $63.40 level - so still consolidation phase for me. But we are getting very close of going from a consolidation phase to a bull trend.
For me to change the scenario from consolidation to bullish, I need a daily close now above the $63.20 level, unless consolidation scenario continue to proceed ( target now at $61.20 ).
Take note that in terms of relative performance, we are testing the 20 and 50 day moving average against the SP500 Index. A break of those levels will mean more technical weakness to come. (See 3rd chart below -Ellipse)
Also, looking at a weekly chart, we do not have anymore a pattern with lower highs and lower lows. We had a weekly close on the week of May 26 above $61.40 that will change that pattern towards a more long term bullish view.
For this week, we need a close above $60.80 to keep that scenario alive.
(see 2nd chart below - Channel ).
So still short term in consolidation but remains bull long term.
Now back to daily technicals:
We have an uptrend channel that started on May 16 with $62.30 support and $65.20 as resistance.
Also, a new downtrend channel that started on May 29 with $61.20 support and $63.20 as resistance.
Take note that the 50 DMA (Day Moving Average) is at $60.23.
We must stay above that level for technical strenght.
Starting to trade below $61.20 will mean to me extreme technical weakness...
The ride will still be an above average volatility pattern of price action...
A daily close above $63.20 will give us another bullish impulse and direct go towards $64.30 max $65.20 for now in the next few sessions. It will also cancel the consolidation scenario.
A daily close below $63.20 but above $62.05 will mean for me that we are still into a consolidation phase for a few sessions.
My main scenario for now.
A daily close below $62.05 will mean for me that we are back into a correction mode and target towards 61.20 and max $60.20 for now.
FB shares outperformed as the SP500 on June 9 (3rd chart below)
FB shares underperformed the SOCL ETF on June 9 (4th chart below)
Expect a day trading range between $62.50 - $63.50 with above average volatility.
Support : $62.50 and $61.80 Resistance : $63.20 and $63.50
June 9 My Downtrend Channel
Last Friday, We failed to close above the $63.60 level - so still consolidation phase for me.
For me to change the scenario from consolidation to bullish, I need a daily close now above the $63.40 level, unless consolidation scenario continue to proceed ( target now at $61.40 ).
Take note that in terms of relative performance, we are testing the 20 and 50 day moving average against the SP500 Index. A break of those levels will mean more technical weakness to come. (See 3rd chart below -Ellipse)
Also, looking at a weekly chart, we do not have anymore a pattern with lower highs and lower lows. We had a weekly close on the week of May 26 above $61.40 that will change that pattern towards a more long term bullish view.
For this week, we need a close above $60.80 to keep that scenario alive.
(see 2nd chart below - Channel ).
So still short term in consolidation but remains bull long term.
Now back to daily technicals:
We have an uptrend channel that started on May 16 with $62.00 support and $64.90 as resistance.
Also, a new downtrend channel that started on May 29 with $61.40 support and $63.40 as resistance.
Take note that the 50 DMA (Day Moving Average) is at $60.20.
We must stay above that level for technical strenght.
Starting to trade below $61.40 will mean to me extreme technical weakness...
The ride will still be an above average volatility pattern of price action...
A daily close above $63.40 will give us another bullish impulse and direct go towards $64.30 max $64.90 for now in the next few sessions. It will also cancel the consolidation scenario.
A daily close below $63.40 but above $62.05 will mean for me that we are still into a consolidation phase for a few sessions.
My main scenario for now.
A daily close below $62.05 will mean for me that we are back into a correction mode and target towards 61.40 and max $60.20 for now.
FB shares underperformed as the SP500 on June 6 (3rd chart below)
FB shares underperformed the SOCL ETF on June 6 (4th chart below)
Expect a day trading range between $62.00 - $63.40 with above average volatility.
Support : $62.15 and $61.40 Resistance : $62.80 and $63.40
June 6 Hit and Run
Yesterday it was a hit and run technically speaking: made a new high at $64.36 vs previous on May 29 at $64.30 and tumbled. We also failed to close above the $63.60 level - so still consolidation phase for me.
For me to change the scenario from consolidation to bullish, I need a daily close above the $63.60 level, unless consolidation scenario proceed ( target now at $61.50 ).
Also, looking at a weekly chart, we do not have anymore a pattern with lower highs and lower lows. We had a weekly close above $61.40 that will change that pattern towards a more long term bullish view.
For this week, we need a close above $61.10 to keep that scenario alive.
(see 2nd chart below - Channel ).
So still short term in consolidation but remains bull long term.
Now back to daily technicals:
We are still taking into account an uptrend channel that started on
May 7 with $63.90 support and $67.60 as resistance.
We are also within an overlap uptrend channel that started on
May 16 with $61.60 support and $64.60 as resistance.
Also, a new downtrend channel that started on May 29 with $61.50 support and $63.50 as resistance.
Take note that the 50 DMA (Day Moving Average) is at $60.15.
We must stay above that level for technical strenght.
Starting to trade below $61.50 will mean to me extreme technical weakness...
The ride will still be an above average volatility pattern of price action...
A daily close above $63.60 will give us another bullish impulse and direct go towards $64.36 max $64.90 for now in the next few sessions. It will also cancel the consolidation scenario.
A daily close below $63.60 but above $62.05 will mean for me that we are still into a consolidation phase for a few sessions.
My main scenario for now.
A daily close below $62.05 will mean for me that we are back into a correction mode and target towards 61.50 and max $60.80 for now.
FB shares underperformed as the SP500 on June 5 (3rd chart below)
FB shares underperformed the SOCL ETF on June 5 (4th chart below)
Expect a day trading range between $62.60 - $63.60 with above average volatility.
Support : $62.80 and $62.60 Resistance : $63.50 and $64.15
June 5 Consolidation Phase Still
For me to change the scenario from consolidation to bullish, I need a daily close above the $63.60 level, unless consolidation scenario proceed ( target now at $61.30 ).
Also, looking at a weekly chart, we do not have anymore a pattern with lower highs and lower lows. We had a weekly close above $61.40 that will change that pattern towards a more long term bullish view.
For this week, we need a close above $61.10 to keep that scenario alive.
(see 2nd chart below - Channel ).
So still short term in consolidation but remains bull long term.
Now back to daily technicals:
We are still taking into account an uptrend channel that started on
May 7 with $63.60 support and $67.30 as resistance.
We are also within an overlap uptrend channel that started on
May 16 with $61.30 support and $64.30 as resistance.
Also, a new downtrend channel that started on May 29 with $61.70 support and $63.60 as resistance.
Take note that the 50 DMA (Day Moving Average) is at $60.19.
We must stay above that level for technical strenght.
Starting to trade below $61.70 will mean to me extreme technical weakness...
The ride will still be an above average volatility pattern of price action...
A daily close above $63.60 will give us another bullish impulse and direct go towards $64.30 max $64.90 for now in the next few sessions. It will also cancel the consolidation scenario.
A daily close below $63.60 but above $62.05 will mean for me that we are still into a consolidation phase for a few sessions.
My main scenario for now.
A daily close below $62.05 will mean for me that we are back into a correction mode and target towards 61.50 and max $61.30 for now.
FB shares outperformed as the SP500 on June 4 (3rd chart below)
FB shares outperformed the SOCL ETF on June 4 (4th chart below)
Expect a day trading range between $62.60 - $63.60 with above average volatility.
Support : $62.60 and $62.05 Resistance : $63.60 and $64.15
June 4 Consolidation Phase Still
Very little changed since the Doji Star Candle on May 29. On May 30, we had a daily close below our target at $63.83, which means we entered a consolidation scenario ( target now at $61.10 ).
Also, looking at a weekly chart, we do not have anymore a pattern with lower highs and lower lows. We had a weekly close above $61.40 that will change that pattern towards a more long term bullish view.
For this week, we need a close above $61.10 to keep that scenario alive.
(see 2nd chart below - Channel ).
So still short term in consolidation but remains bull long term.
We are still taking into account an uptrend channel that started on
May 7 with $63.10 support and $66.90 as resistance.
We are also within an overlap uptrend channel that started on
May 16 with $61.10 support and $64.00 as resistance.
Also, a new downtrend channel that started on May 29 with $61.70 support and $63.70 as resistance.
Take note that the 50 DMA (Day Moving Average) is at $60.20.
We must stay above that level for technical strenght.
Starting to trade below $61.70 will mean to me extreme technical weakness...
The ride will still be an above average volatility pattern of price action...
A daily close above $63.70 will give us another bullish impulse and direct go towards $64.30 max $64.90 for now in the next few sessions. It will also cancel the consolidation scenario.
A daily close below $63.70 but above $62.05 will mean for me that we are still into a consolidation phase for a few sessions.
My main scenario for now.
A daily close below $62.05 will mean for me that we are back into a correction mode and target towards 61.50 and max $61.10 for now.
FB shares underperformed as the SP500 on June 3 (3rd chart below)
FB shares underperformed the SOCL ETF on June 3 (4th chart below)
Expect a day trading range between $62.00 - $63.20 with above average volatility.
Support : $62.30 and $62.05 Resistance : $63.20 and $63.60
June 3 Consolidation Scenario Still
Not much have changed since the Doji Star Candle on May 29. On May 30, we had a daily close below our target at $63.83, which means we entered a consolidation scenario ( target of $60.80 ) and the Euphoria Phase is over.
Also, looking at a weekly chart, we do not have anymore a pattern with lower highs and lower lows. We had a weekly close above $61.40 that will change that pattern towards a more long term bullish view.
For this week, we need a close above $61.10 to keep that scenario alive.
(see 2nd chart below - Channel ).
So still short term in consolidation but remains bull long term.
Now back to daily technicals:
We are still taking into account an uptrend channel that started on
May 7 with $62.70 support and $66.50 as resistance.
We are also within an overlap uptrend channel that started on
May 16 with $60.80 support and $63.70 as resistance.
Also, a new downtrend channel that started on May 29 with $61.90 support and $63.90 as resistance.
Take note that the 50 DMA (Day Moving Average) is at $60.29.
We must stay above that level for technical strenght.
Starting to trade below $61.90 will mean to me extreme technical weakness...
The ride will still be an above average volatility pattern of price action...
A daily close above $64.30 will give us another bullish impulse and direct go towards $64.90 max $65.60 for now in the next few sessions. It will also cancel the consolidation scenario.
A daily close below $64.30 but above $62.60 will mean for me that we are still into a consolidation phase for a few sessions.
My main scenario for now.
A daily close below $62.60 will mean for me that we are back into a correction mode and target towards 61.50 and max $60.80 for now.
FB shares underperformed as the SP500 on June 2 (3rd chart below)
FB shares outperformed the SOCL ETF on June 2 (4th chart below)
Expect a day trading range between $62.30 - $63.50 with above average volatility.
Support : $62.60 and $62.30 Resistance : $63.50 and $63.90
June 2 Consolidation Scenario
On May 29 we had a Doji Star Candle, which means indecision from bulls and bears but mostly could mean a high probability reversal pattern. And on May 30, we had a daily close below our taget at $63.83, which means we entered a consolidation scenario ( target of $60.60 ) and the Euphoria Phase is over.
Also, looking at a weekly chart, we do not have anymore a pattern with lower highs and lower lows. We had a weekly close above $61.40 that will change that pattern towards a more long term bullish view.
For this week, we need a close above $61.10 to keep that scenario alive.
(see 2nd chart below - Channel ).
So short term in consolidation but remains bull long term.
Now back to daily technicals:
We are still taking into account an uptrend channel that started on
May 7 with $62.30 support and $66.10 as resistance.
We are also within an overlap uptrend channel that started on
May 16 with $60.40 support and $63.40 as resistance.
Take note that the 50 DMA (Day Moving Average) is at $60.37.
We must stay above that level for technical strenght.
Starting to trade below $62.20 will mean to me extreme technical weakness...
The ride will still be an above average volatility pattern of price action...
A daily close above $64.30 will give us another bullish impulse and direct go towards $64.90 max $65.60 for now in the next few sessions. It will also cancel the consolidation scenario.
A daily close below $64.30 but above $62.60 will mean for me that we are still into a consolidation phase for a few sessions.
My main scenario for now.
A daily close below $62.60 will mean for me that we are back into a correction mode and target towards 61.50 and max $60.60 for now.
FB shares underperformed as the SP500 on May 30 (3rd chart below)
FB shares outperformed the SOCL ETF on May 30 (4th chart below)
Expect a day trading range between $62.60 - $63.90 with above average volatility.
Support : $63.20 and $62.60 Resistance : $63.90 and $64.30
May 30 My Doji Star
We had yesterday a Doji Star Candle, which means indecision from bulls and bears but mostly could mean a high probability reversal pattern. Todays close then becomes crucial to be above yesterday s close at $63.83, unless a consolidation scenario will follow.
Since we closed above the 50 DMA ( Day Moving Average ) on May 23, we entered the Euphoria Phase.
We need to have a daily close above $63.83 to keep the Euphoria phase, unless a consolidation phase will start with $60.60 as target.
Also, looking at a weekly chart, we are within a pattern with lower highs and lower lows. Only a weekly close above $61.40 will change that pattern towards a more bullish view - bigger impulse on a long term basis
(see 2nd chart below - Channel ).
Now back to daily technicals:
We are still taking into account an uptrend channel that started on
May 7 with $61.90 support and $65.60 as resistance.
We are also within an overlap uptrend channel that started on
May 21 with $63.90 support and $66.20 as resistance.
Take note that the 50 DMA (Day Moving Average) is at $60.47.
We must stay above that level for technical strenght.
Starting to trade below $62.20 will mean to me extreme technical weakness...
The ride will still be an above average volatility pattern of price action...
A daily close above $63.83 will give us another bullish impulse and direct go towards $64.90 max $65.60 for now in the next few sessions.
A daily close below $64.90 but above $63.80 will mean for me that we are still into a bullish phase for a few sessions.
My main scenario for now.
A daily close below $63.80 will mean for me that we are back into a correction mode and target towards 61.50 and max $60.60 for now.
FB shares performed as the SP500 on May 29 (3rd chart below)
FB shares underperformed the SOCL ETF on May 29 (4th chart below)
Expect a day trading range between $63.00 - $64.30 with above average volatility.
Support : $63.20 and $62.60 Resistance : $64.15 and $64.90
May 29 The Euphoria Phase Still
Not much have changed since yesterday, except some tiny adjustments on the technicals levels, especially on the alternative scenario.
Since we closed above the 50 DMA ( Day Moving Average ) on May 23, we entered the Euphoria Phase. The SP500 is giving a nice impulse also to that uptrend for Facebook Shares, but that can change quickly in the next few sessions. We are still within an uptrend channel...
We still need to have a daily close above $63.10 to keep the Euphoria phase, unless a consolidation phase will start with $60.60 as target.
Also, looking at a weekly chart, we are within a pattern with lower highs and lower lows. Only a weekly close above $61.40 will change that pattern towards a more bullish view - bigger impulse on a long term basis
(see 2nd chart below - Channel ).
Now back to daily technicals:
We are still taking into account an uptrend channel that started on
May 7 with $61.50 support and $65.30 as resistance.
We are also within an overlap uptrend channel that started on
May 21 with $63.10 support and $65.40 as resistance.
Take note that the 50 DMA (Day Moving Average) is at $60.57.
We must stay above that level for technical strenght.
Starting to trade below $62.20 will mean to me extreme technical weakness...
The ride will still be an above average volatility pattern of price action...
A daily close above $63.10 will give us another bullish impulse and direct go towards $64.70 max $65.40 for now in the next few sessions.
A daily close below $64.20 but above $62.20 will mean for me that we are still into a bullish phase for a few sessions.
My main scenario for now.
A daily close below $63.10 will mean for me that we are back into a correction mode and target towards 61.50 and max $60.60 for now.
FB shares outperformed the SP500 on May 28 (3rd chart below)
FB shares underperformed the SOCL ETF on May 28 (4th chart below)
Expect a day trading range between $62.70 - $64.20 with above average volatility.
Support : $63.10 and $62.60 Resistance : $63.70 and $64.20
May 28 The Euphoria Phase Still
Since we closed above the 50 DMA ( Day Moving Average ) on May 23, we entered the Euphoria Phase. The SP500 is giving a nice impulse also to that uptrend for Facebook Shares. We are still within an uptrend channel...
We need to have a daily close above $63.10 to keep the Euphoria phase, unless a consolidation phase will start with $62.20 as target.
Also, looking at a weekly chart, we are within a pattern with lower highs and lower lows. Only a weekly close above $61.40 will change that pattern towards a more bullish view - bigger impulse on a long term basis
(see 2nd chart below - Channel ).
Now back to daily technicals:
We are still taking into account an uptrend channel that started on
May 7 with $61.20 support and $64.80 as resistance.
We are also within an overlap uptrend channel that started on
May 21 with $62.20 support and $64.40 as resistance.
Take note that the 50 DMA (Day Moving Average) is at $60.68.
We must stay above that level for technical strenght.
Starting to trade below $62.20 will mean to me extreme technical weakness...
The ride will still be an above average volatility pattern of price action...
A daily close above $63.10 will give us another bullish impulse and direct go towards $64.40 max $65.20 for now in the next few sessions.
A daily close below $63.90 but above $62.20 will mean for me that we are still into a bullish phase for a few sessions.
My main scenario for now.
A daily close below $63.10 will mean for me that we are back into a correction mode and target towards 62.70 and max $62.20 for now.
FB shares outperformed the SP500 on May 27 (3rd chart below)
FB shares outperformed the SOCL ETF on May 27 (4th chart below)
Expect a day trading range between $62.70 - $63.90 with above average volatility.
Support : $63.10 and $62.70 Resistance : $63.90 and $64.30
May 27 The Euphoria Phase
Since we closed above the 50 DMA ( Day Moving Average ) on May 23, we entered the Euphoria Phase. The SP500 is giving a nice impulse also to that uptrend for Facebook Shares. We are still within an uptrend channel...
Also, looking at a weekly chart, we are within a pattern with lower highs and lower lows. Only a weekly close above $61.40 will change that pattern towards a more bullish view - bigger impulse on a long term basis
(see 2nd chart below - Channel ).
Now back to daily technicals:
We are still taking into account an uptrend channel that started on
May 7 with $60.70 support and $64.50 as resistance.
We are also within an overlap uptrend channel that started on
May 16 with $59.20 support and $62.10 as resistance.
Take note that the 50 DMA (Day Moving Average) is at $60.76.
We must stay above that level for technical strenght.
Starting to trade below $59.20 will mean to me extreme technical weakness...
The ride will still be an above average volatility pattern of price action...
A daily close above $62.10 will give us another bullish impulse and direct go towards $62.80 max $63.50 for now in the next few sessions.
A daily close below $62.10 but above $59.20 will mean for me that we are still into a bullish phase for a few sessions.
My main scenario for now.
A daily close below $59.20 will mean for me that we are back into a correction mode and target towards 58.80 and max $58.20 for now.
FB shares outperformed the SP500 on May 23 (3rd chart below)
FB shares outperformed the SOCL ETF on May 23 (4th chart below)
Expect a day trading range between $60.90 - $62.30 with above average volatility.
Support : $61.30 and $60.70 Resistance : $62.30 and $62.70
May 19 My Downtrend Channel
Last Friday, I was expecting a dead cat bounce to $58.70 MAX $59.30.
It did trade at $58.50 and failed to stay above - weak technicals.
We are still within a downtrend channel...
Also, looking at a weekly chart, we are within a pattern with lower highs and lower lows. Only a weekly close above $61.30 will change that pattern towards a more bullish view (see 2nd chart below - Channel ).
Now back to daily technicals:
We are still taking into account a downtrend channel that started on
May 2 with $53.40 support and $57.90 as resistance.
We are also within an overlap uptrend channel that started on
May 7 with $58.80 support and $62.50 as resistance.
And finally, a downtrend channel that started on May 13 with 56.60 as support and 59.10 as resistance.
Also, we have a support trendline that started on May 7 at $55.50.
Take note that the 20 DMA (Day Moving Average) is at $59.29.
Starting to trade below $56.60 will mean to me extreme technical weakness...
The ride will still be an above average volatility pattern of price action...
A daily close above $59.30 will give us another bullish impulse and direct go towards $60.50 max $60.90 for now in the next few sessions.
A daily close below $59.30 but above $56.60 will mean for me that we are still into a consolidation phase for a few sessions.
My main scenario for now.
A daily close below $56.60 will mean for me that we are back into a more severe correction mode and target towards 55.50 and max $54.70 for now.
FB shares outperformed the SP500 on May 23 (3rd chart below)
FB shares outperformed the SOCL ETF on May 23 (4th chart below)
Expect a day trading range between $57.30 - $58.50 with above average volatility.
Support : $57.30 and $56.60 Resistance : $57.90 and $58.50
May 16 My Dead Cat Bounce
Yesterday I wrote: we tested and failed to stay above the 20 DMA (Day Moving Average), so correction to the bottom of the bullish channel at $58.00. Today I expect a dead cat bounce to $58.70 MAX $59.30.
Also, looking at a weekly chart, we are within a pattern with lower highs and lower lows. Only a weekly close above $61.70 will change that pattern towards a more bullish view (see 2nd chart below - Channel ).
Now back to daily technicals:
We are still taking into account a downtrend channel that started on
April 24 with $50.80 support and $59.30 as resistance.
We are also within an overlap downtrend channel that started on
May 2 with $53.70 support and $58.20 as resistance.
A new uptrend channel that started on May 7 with 58.40 as support and 62.10 as resistance.
Also, we have a support trendline that started on May 7 at $56.00.
Take note that the 20 DMA (Day Moving Average) is at $59.34.
Starting to trade below $57.20 will mean to me extreme technical weakness...
The ride will still be an above average volatility pattern of price action...
A daily close above $59.30 will give us another bullish impulse and direct go towards $60.50 max $60.90 for now in the next few sessions.
A daily close below $59.30 but above $56.50 will mean for me that we are still into a consolidation phase for a few sessions.
My main scenario for now.
A daily close below $56.50 will mean for me that we are back into a more severe correction mode and target towards 55.90 and max $54.70 for now.
FB shares underperformed the SP500 on May 15 (3rd chart below)
FB shares underperformed the SOCL ETF on May 15 (4th chart below)
Expect a day trading range between $57.50 - $58.70 with above average volatility.
Support : $57.60 and $57.20 Resistance : $58.70 and $59.30
May 15 My Broken 20 DMA
Yesterday we tested and failed to stay above the 20 DMA (Day Moving Average), so correction to the bottom of the bullish channel at $58.00.
Also, looking at a weekly chart, we are within a pattern with lower highs and lower lows. Only a weekly close above $61.70 will change that pattern towards a more bullish view (see 2nd chart below - Channel ).
Now back to daily technicals:
We are still taking into account a downtrend channel that started on
April 24 with $51.10 support and $59.50 as resistance.
We are also within an overlap downtrend channel that started on
May 2 with $54.10 support and $58.60 as resistance.
A new uptrend channel that started on May 7 with 58.00 as support and 61.70 as resistance.
Also, we have a support trendline that started on May 7 at $56.50.
Take note that the 20 DMA (Day Moving Average) is at $59.43.
Starting to trade below $58.00 will mean to me extreme technical weakness...
The ride will still be an above average volatility pattern of price action...
A daily close above $61.70 will give us another bullish impulse and direct go towards $62.30 max $63.20 for now in the next few sessions.
A daily close below $61.70 but above $58.00 will mean for me that we are still into a consolidation phase for a few sessions.
My main scenario for now.
A daily close below $58.00 will mean for me that we are back into a more severe correction mode and target towards 57.20 and max $56.50 for now.
FB shares underperformed the SP500 on May 14 (3rd chart below)
FB shares underperformed the SOCL ETF on May 14 (4th chart below)
Expect a day trading range between $58.30 - $59.90 with above average volatility.
Support : $58.60 and $58.00 Resistance : $59.50 and $59.90
May 14 The 20 DMA at Play
Yesterday we tested and failed to stay above a major resistance trendline on a daily basis at $60.10 for Facebook Shares. Already having again a daily close above the 20 DMA at $59.42 will be good technically speaking, unless $57.60 target.
Also, looking at a weekly chart, we are within a pattern with lower highs and lower lows. Only a weekly close above $61.70 will change that pattern towards a more bullish view (see 2nd chart below - Channel ).
Now back to daily technicals:
We are still taking into account a downtrend channel that started on
April 24 with $51.30 support and $59.80 as resistance.
We are also within an overlap downtrend channel that started on
May 2 with $54.40 support and $58.90 as resistance.
A new channel that started on May 7 with 57.60 as support and 61.30 as resistance.
Also, we have a trendline resistance that started on May 7 at $56.90.
Take note that the 20 DMA (Day Moving Average) is at $59.42.
Starting to trade below $57.60 will mean to me extreme technical weakness...
The ride will still be an above average volatility pattern of price action...
A daily close above $61.30 will give us another bullish impulse and direct go towards $61.90 max $62.30 for now in the next few sessions.
A daily close below $61.30 but above $57.60 will mean for me that we are still into a consolidation phase for a few sessions.
My main scenario for now.
A daily close below $57.60 will mean for me that we are back into a more severe correction mode and target towards 56.90 and max $56.30 for now.
Facebook shares Outperformed the SP500 on May 13 (3rd chart below)
Facebook shares Outperformed the SOCL ETF on May 13 (4th chart below)
Expect a day trading range between $58.90 - $60.50 with above average volatility.
Support : $59.40 and $58.90 Resistance : $60.50 and $60.90
May 13 Near Major Resistance Trendline
We are near testing a major resistance trendline on a daily basis at $60.10 for Facebook Shares.
Alos, looking at a weekly chart, we are within a pattern with lower highs and lower lows. Only a weekly close above $61.70 will change that pattern towards a more bullish view (see 2nd chart below - Channel ).
Now back to daily technicals:
We are still taking into account a downtrend channel that started on
April 24 with $51.60 support and $60.10 as resistance.
We are also within an overlap downtrend channel that started on
May 2 with $54.80 support and $59.40 as resistance.
Also, we have a trendline resistance that started on May 7 at $57.40.
Take note that the 20 DMA (Day Moving Average) is at $59.38.
Starting to trade below $57.40 will mean to me extreme technical weakness...
The ride will still be an above average volatility pattern of price action...
A daily close above $60.10 will give us another bullish impulse and direct go towards $61.20 max $61.70 for now in the next few sessions.
A daily close below $60.10 but above $57.40 will mean for me that we are still into a consolidation phase for a few sessions.
My main scenario for now.
A daily close below $57.40 will mean for me that we are back into a more severe correction mode and target towards 56.30 and max $55.40 for now.
Facebook shares Outperformed the SP500 on May 12 (3rd chart below)
Facebook shares Outperformed the SOCL ETF on May 12 (4th chart below)
Expect a day trading range between $58.80 - $60.50 with above average volatility.
Support : $59.40 and $58.80 Resistance : $60.10 and $60.50
May 12 Consolidation Phase Still
We are still into a downtrend channel and in a Consolidation Phase for Facebook Shares.
Looking at a weekly chart, we are within a pattern with lower highs and lower lows. Only a weekly close above $61.70 will change that pattern towards a more bullish view (see 2nd chart below - Channel ).
Now back to daily technicals:
We are still taking into account a downtrend channel that started on
April 24 with $51.90 support and $60.30 as resistance.
We are also within an overlap downtrend channel that started on
May 2 with $55.20 support and $59.70 as resistance.
Also, we have a trendline resistance that started on May 7 at $57.90.
Take note that the 20 DMA (Day Moving Average) is at $59.30.
Starting to trade below $55.20 will mean to me extreme technical weakness...
The ride will still be an above average volatility pattern of price action...
A daily close above $59.70 will give us another bullish impulse and direct go towards $60.30 max $61.20 for now in the next few sessions.
A daily close below $59.70 but above $55.20 will mean for me that we are still into a consolidation phase for a few sessions.
My main scenario for now.
A daily close below $55.20 will mean for me that we are back into a more severe correction mode and target towards 54.70 and max $53.50 for now.
Facebook shares Outperformed the SP500 on May 9 (3rd chart below)
Facebook shares Underperformed the SOCL ETF on May 9 (4th chart below)
Expect a day trading range between $56.50 - $58.50 with above average volatility.
Support : $57.10 and $56.30 Resistance : $57.90 and $58.50
May 9 My Downtrend Channel
Yesterday I wrote:
Expect a dead cat bounce today to $58.50 MAX $59.30 level. We did have it with a high of $58.82 before resuming downtrend as expected.
We are still into a bearish mode for Facebook Shares.
Looking at a weekly chart, we are within a pattern with lower highs and lower lows. Only a weekly close above $61.90 will change that pattern towards a more bullish view (see 2nd chart below - Channel ).
Now back to daily technicals:
We are still taking into account a downtrend channel that started on
April 24 with $52.20 support and $60.60 as resistance.
We are also within an overlap downtrend channel that started on
May 2 with $55.50 support and $60.10 as resistance.
Starting to trade below $55.50 will mean to me extreme technical weakness...
The ride will still be an above average volatility pattern of price action...
A daily close above $59.40 will give us another bullish impulse and direct go towards $60.10 max $60.60 for now in the next few sessions.
A daily close below $59.40 but above $55.50 will mean for me that we are still into a bearish phase phase for a few sessions.
My main scenario for now.
A daily close below $55.50 will mean for me that we are back into a more severe correction mode and target towards 54.70 and max $53.30 for now.
Facebook shares Underperformed the SP500 on May 8 (3rd chart below)
Facebook shares Underperformed the SOCL ETF on May 8 (4th chart below)
Expect a day trading range between $55.80 - $57.60 with above average volatility.
Support : $56.30 and $55.50 Resistance : $57.20 and $57.60
May 8 Dead Cat Bounce
We are back into a bearish mode for Facebook Shares. Expect a dead cat bounce today to $58.50 MAX $59.30 level.On May 6, we broke the 20 Day Moving Average at $59.69 and then becomes a major resistance level.
Looking at a weekly chart, we are within a pattern with lower highs and lower lows. Only a weekly close above $61.90 will change that pattern towards a more bullish view (see 2nd chart below - Channel ).
Now back to daily technicals:
We are still taking into account a downtrend channel that started on
April 24 with $52.50 support and $60.90 as resistance.
We are also within an overlap downtrend channel that started on
May 2 with $55.90 support and $60.40 as resistance.
Starting to trade below $55.90 will mean to me extreme technical weakness...
The ride will still be an above average volatility pattern of price action...
A daily close above $59.70 will give us another bullish impulse and direct go towards $60.40 max $60.90 for now in the next few sessions.
A daily close below $59.70 but above $55.90 will mean for me that we are still into a bearish phase phase for a few sessions.
My main scenario for now.
A daily close below $55.90 will mean for me that we are back into a more severe correction mode and target towards 54.70 and max $53.10 for now.
Facebook shares Underperformed the SP500 on May 7 (3rd chart below)
Facebook shares Outperformed the SOCL ETF on May 7 (4th chart below)
Expect a day trading range between $57.20 - $59.30 with above average volatility.
Support : $57.20 and $56.50 Resistance : $58.30 and $58.70
May 7 My Broken 20 DMA ?
We are back into a bearish mode for Facebook Shares.
Yesterday we broke the 20 Day Moving Average at $59.73 and then becomes a resistance level.
Looking at a weekly chart, we are within a pattern with lower highs and lower lows. Only a weekly close above $61.90 will change that pattern towards a more bullish view (see 2nd chart below - Channel ).
Now back to daily technicals:
We are still taking into account a downtrend channel that started on
April 24 with $52.70 support and $61.20 as resistance.
We are also within an overlap downtrend channel that started on
May 2 with $58.10 support and $60.80 as resistance.
Starting to trade below $58.10 will mean to me extreme technical weakness...
The ride will still be an above average volatility pattern of price action...
A daily close above $60.80 will give us another bullish impulse and direct go towards $61.40 max $61.90 for now in the next few sessions.
A daily close below $60.80 but above $58.10 will mean for me that we are still into a bearish phase phase for a few sessions.
My main scenario for now.
A daily close below $58.10 will mean for me that we are back into a more severe correction mode and target towards 57.20 and max $55.80 for now.
Facebook shares Underperformed the SP500 on May 6 (3rd chart below)
Facebook shares Underperformed the SOCL ETF on May 6 (4th chart below)
Expect a day trading range between $57.70 - $60.20 with above average volatility.
Support : $58.10 and $57.20 Resistance : $59.20 and $59.70
May 6 Consolidation Pattern ?
We are back into a consolidation mode for Facebook Shares since May 1st. We must stay above $59.20 for that scenario. Unless back into a bearish stance.
Looking at a weekly chart, we are within a pattern with lower highs and lower lows. Only a weekly close above $61.90 will change that pattern towards a more bullish view (see 2nd chart below - Channel ).
Now back to daily technicals:
We are still taking into account a downtrend channel that started on
April 24 with $53.10 support and $61.50 as resistance.
We are also within an overlap uptrend channel that started on April 28 with $60.10 support and $64.10 as resistance.
Starting to trade below $59.20 will mean to me extreme technical weakness...
The ride will still be an above average volatility pattern of price action...
A daily close above $61.50 will give us another bullish impulse and direct go towards $62.70 max $63.60 for now in the next few sessions.
A daily close below $61.50 but above $59.20 will mean for me that we are still into a consolidation phase phase for a few sessions.
My main scenario for now.
A daily close below $59.20 will mean for me that we are back into a bearish mode and target towards 58.30 and max $57.20 for now.
Facebook shares Outperformed the SP500 on May 5 (3rd chart below)
Facebook shares Outperformed the SOCL ETF on May 5 (4th chart below)
Expect a day trading range between $60.10 - $61.90 with above average volatility.
Support : $60.50 and $59.70 Resistance : $61.90 and $62.30
May 5 Consolidation Pattern ?
We are back into a consolidation mode for Facebook Shares. We must stay above $59.40 for that scenario. Unless back into a bearish stance.
Looking at a weekly chart, we are within a pattern with lower highs and lower lows. Only a weekly close above $61.90 will change that pattern towards a more bullish view (see 2nd chart below - Channel ).
Now back to daily technicals:
We are still taking into account a downtrend channel that started on
April 24 with $53.30 support and $61.70 as resistance.
We are also within an overlap uptrend channel that started on April 28 with $60.50 support and $64.60 as resistance.
Starting to trade below $59.40 will mean to me extreme technical weakness...
The ride will still be an above average volatility pattern of price action...
A daily close above $61.70 will give us another bullish impulse and direct go towards $62.30 max $63.60 for now in the next few sessions.
A daily close below $61.70 but above $59.40 will mean for me that we are still into a consolidation phase phase for a few sessions.
My main scenario for now.
A daily close below $59.40 will mean for me that we are back into a bearish mode and target towards 58.30 and max $57.20 for now.
Facebook shares Underperformed the SP500 on May 2 (3rd chart below)
Facebook shares Underperformed the SOCL ETF on May 2 (4th chart below)
Expect a day trading range between $59.80 - $61.70 with above average volatility.
Support : $59.80 and $59.40 Resistance : $61.30 and $61.90
April 21 Back Into the the Coal Mine ?
On April 17 I wrote:
We are still into a consolidation mode for Facebook Shares.
We must stay above $59.20 for that scenario. Unless back into the coal mine. We Failed to stay above my technical level...
Looking at a weekly chart, we are back below a major resistance trendline that started back in November 2013 (see 3rd chart below - Amber line - $58.30 level for April 21 week ).
Now back to daily technicals:
We are still taking into account a downtrend channel that started on
April 2 with $54.30 support and $62.50 as resistance.
Also, we have an overlap uptrend channel that started on April 7 with $59.70 as support and $66.10 as resistance.
Another overlap channel that started on April 10 with $54.30 as support
and $60.10 as resistance.
Starting to trade below $57.80 will mean to me extreme technical weakness...
The ride will still be an above average volatility pattern of price action...
A daily close above $60.60 will give us another bullish impulse and direct go towards $61.40 max $61.90 for now in the next few sessions.
A daily close below $60.60 but above $57.80 will mean for me that we are still into a consolidation phase phase for a few sessions.
My main scenario for now.
A daily close below $57.80 will mean for me that we are back into a bearish mode and target towards 56.30 and max $54.30.
Facebook shares Underperformed the SP500 on April 17 (2nd chart below)
Expect a day trading range between $57.80 - $60.20 with above average volatility.
Support : $58.70 and $57.70 Resistance : $59.70 and $60.60
April 17 Consolidation Still ?
We are still into a consolidation mode for Facebook Shares.
We must stay above $59.20 for that scenario. Unless back into the coal mine.
Looking at a weekly chart, we are back below a major resistance trendline that started back in November 2013 (see 3rd chart below - Amber line - $61.90 support level for this week ).
Now back to daily technicals:
We are still taking into account a downtrend channel that started on
April 2 with $54.50 support and $62.60 as resistance.
Also, we have an overlap uptrend channel that started on April 7 with $59.20 as support and $65.50 as resistance.
Another overlap channel that started on April 14 with $55.60 as support
and $60.10 as resistance.
Starting to trade below $57.80 will mean to me extreme technical weakness...
The ride will still be an above average volatility pattern of price action...
A daily close above $61.00 will give us another bullish impulse and direct go towards $61.50 max $61.90 for now in the next few sessions.
A daily close below $61.00 but above $59.20 will mean for me that we are still into a consolidation phase phase for a few sessions.
My main scenario for now.
A daily close below $59.20 will mean for me that we are back into a bearish mode and target towards 57.80 and max $56.30.
Facebook shares Outperformed the SP500 on April 16 (2nd chart below)
Expect a day trading range between $58.80 - $60.50 with above average volatility.
Support : $59.20 and $58.70 Resistance : $60.10 and $60.50
April 16 Consolidation Still ?
We are still into a consolidation mode for Facebook Shares.
We must stay above $58.80 for that scenario. Unless back into the coal mine.
One interesting factor is that we had a capitulation wave yesterday that did create a long doji candle. Weak hands are now out...
Looking at a weekly chart, we are back below a major resistance trendline that started back in November 2013 (see 3rd chart below - Amber line - $61.90 support level for this week ).
Now back to daily technicals:
We are still taking into account a downtrend channel that started on
April 2 with $54.60 support and $62.70 as resistance.
Also, we have an overlap uptrend channel that started on April 7 with $58.80 as support and $65.10 as resistance.
Starting to trade below $57.80 will mean to me extreme technical weakness...
The ride will still be an above average volatility pattern of price action...
A daily close above $60.50 will give us another bullish impulse and direct go towards $61.50 max $61.90 for now in the next few sessions.
A daily close below $60.50 but above $58.80 will mean for me that we are still into a consolidation phase phase for a few sessions.
My main scenario for now.
A daily close below $58.80 will mean for me that we are back into a bearish mode and target towards 57.30 and max $56.60.
Facebook shares Underperformed the SP500 on April 15 (2nd chart below)
Expect a day trading range between $58.80 - $60.50 with above average volatility.
Support : $59.10 and $58.80 Resistance : $60.20 and $60.50
April 15 Consolidation Still ?
We are still into a consolidation mode for Facebook Shares.
We must stay above $58.30 for that scenario. Unless back into the coal mine.
Looking at a weekly chart, we are back below a major resistance trendline that started back in November 2013 (see 3rd chart below - Amber line - $61.90 support level for this week ).
Now back to daily technicals:
We are still taking into account a downtrend channel that started on
April 2 with $54.70 support and $62.80 as resistance.
Also, we have an overlap uptrend channel that started on April 7 with $58.30 as support and $64.60 as resistance.
Starting to trade below $57.10 will mean to me extreme technical weakness...
The ride will still be an above average volatility pattern of price action...
A daily close above $60.50 will give us another bullish impulse and direct go towards $61.50 max $61.90 for now in the next few sessions.
A daily close below $60.50 but above $58.30 will mean for me that we are still into a consolidation phase phase for a few sessions.
My main scenario for now.
A daily close below $58.30 will mean for me that we are back into a bearish mode and target towards 56.30 and max $55.40.
Facebook shares Underperformed the SP500 on April 14 (2nd chart below)
Expect a day trading range between $57.80 - $60.20 with above average volatility.
Support : $58.30 and $57.20 Resistance : $59.30 and $60.20
April 14 My Weekly Trendline Still at Play ?
Looking at a weekly chart, we are back below a major resistance trendline that started back in November 2013 (see 3rd chart below - Amber line - $61.90 support level for this week ).
Now back to daily technicals:
We are still taking into account a downtrend channel that started on
April 2 with $54.80 support and $62.90 as resistance.
Also, we have an overlap uptrend channel that started on April 7 with $57.80 as support and $64.10 as resistance.
Starting to trade below $57.10 will mean to me extreme technical weakness...
The ride will still be an above average volatility pattern of price action...
A daily close above $60.30 will give us another bullish impulse and direct go towards $61.50 max $61.90 for now in the next few sessions.
A daily close below $60.30 but above $57.80 will mean for me that we are still into a consolidation phase phase for a few sessions.
My main scenario for now.
A daily close below $57.80 will mean for me that we are back into a bearish mode and target towards 56.30 and max $55.40.
Facebook shares Underperformed the SP500 on April 11 (2nd chart below)
Expect a day trading range between $57.10 - $60.30 with above average volatility.
Support : $57.80 and $57.30 Resistance : $59.90 and $60.30
April 11 Failed to Stay Above the Weekly Trendline ?
Looking at a weekly chart, we are back below a major resistance trendline that started back in November 2013 (see 3rd chart below - Amber line - $61.10 support level for this week ).
And yesterday I wrote: Starting to trade below $61.10 will mean to me extreme technical weakness... A daily close below $61.10 will mean for me that we are back into a bearish mode and target towards 59.10 and max $58.00.
Now back to daily technicals:
We are still taking into account a downtrend channel that started on April 2 with $52.60 support and $58.60 as resistance.
Also, we have an overlap downtrend channel that started also on
April 2 with $55.00 as support and $63.10 as resistance.
Starting to trade below $58.00 will mean to me extreme technical weakness...
The ride will still be an above average volatility pattern of price action...
A daily close above $61.10 will give us another bullish impulse and direct go towards $61.90 max $62.50 for now in the next few sessions.
A daily close below $61.10 but above $58.00 will mean for me that we are still into a consolidation phase phase for a few sessions.
My main scenario for now.
A daily close below $58.00 will mean for me that we are back into a bearish mode and target towards 57.20 and max $56.30.
Facebook shares Underperformed the SP500 on April 10 (2nd chart below)
Expect a day trading range between $58.00 - $59.90 with above average volatility.
Support : $58.70 and $58.00 Resistance : $59.90 and $61.50
April 10 Back Above the Weekly Trendline ?
Looking at a weekly chart, we are back above a major support trendline that started back in November 2013 (see 3rd chart below - Amber line - $61.10 support level for this week ).
I wrote yesterday:
A daily close above $61.10 will give us another bullish impulse and direct go towards $61.90 max $62.50 for now in the next few sessions.
We are already reached those levels.
Now back to daily technicals:
We are still taking into account a downtrend channel that started on March 27 with $55.20 support and $62.30 as resistance.
Also, we have an overlap downtrend channel that started on April 2 with $53.20 as support and $58.60 as resistance.
Starting to trade below $61.10 will mean to me extreme technical weakness...
The ride will still be an above average volatility pattern of price action...
A daily close above $63.30 will give us another bullish impulse and direct go towards $63.90 max $65.30 for now in the next few sessions.
A daily close below $63.30 but above $61.10 will mean for me that we are still into a bullish phase phase for a few sessions.
My main scenario for now.
A daily close below $61.10 will mean for me that we are back into a bearish mode and target towards 59.10 and max $58.00.
Facebook shares Outperformed the SP500 on April 9 (2nd chart below)
Expect a day trading range between $61.90 - $63.30 with average volatility.
Support : $61.90 and $61.10 Resistance : $63.30 and $63.90
Apr 9 Hopeless Rebound ?
Breaking $59.10 last Friday bring a capitulation phase the remaining of
the trading session. But the scariest part is, looking at a weekly chart,
we broke a major support trendline that started back in November 2013 (see 3rd chart below - Amber line - $61.10 resistance level for this week).
We are still into a painful major consolidation phase for Facebook Shares.
Now back to daily technicals:
We are still taking into account a downtrend channel that started on March 27 with $55.50 support and $62.50 as resistance.
Also, we have an overlap downtrend channel that started on April 2 with $54.10 as support and $60.10 as resistance.
Starting to trade below $55.50 will mean to me extreme technical weakness...
The ride will still be an above average volatility pattern of price action...
A daily close above $61.10 will give us another bullish impulse and direct go towards $61.90 max $62.50 for now in the next few sessions.
A daily close below $61.10 but above $57.20 will mean for me that we are still into a major consolidation phase for a few sessions.
My main scenario for now.
A daily close below $57.20 will mean for me that we are back into a bearish mode and target towards 55.50 and max $54.10.
Facebook shares Outperformed the SP500 on April 8 (2nd chart below)
Expect a day trading range between $58.00 - $59.30 with average volatility.
Support : $58.00 and $57.20 Resistance : $58.70 and $59.30
Apr 8 Consolidation Still ?
Breaking $59.10 last Friday bring a capitulation phase the remaining of
the trading session. But the scariest part is, looking at a weekly chart,
we broke a major support trendline that started back in November 2013 (see 3rd chart below - Amber line - $61.10 resistance level for this week).
We are still into a painful major consolidation phase for Facebook Shares.
Now back to daily technicals:
We are still taking into account a downtrend channel that started on March 27 with $55.80 support and $62.80 as resistance.
Also, we have an overlap downtrend channel that started on April 2 with $54.80 as support and $60.90 as resistance.
Starting to trade below $55.50 will mean to me extreme technical weakness...
The ride will still be an above average volatility pattern of price action...
A daily close above $60.90 will give us another bullish impulse and direct go towards $61.90 max $62.20 for now in the next few sessions.
A daily close below $60.90 but above $54.80 will mean for me that we are still into a major consolidation phase for a few sessions.
My main scenario for now.
A daily close below $54.80 will mean for me that we are back into a bearish mode and target towards 53.90 and max $53.00.
Facebook shares Outperformed the SP500 on April 7 (2nd chart below)
Expect a day trading range between $55.80 - $58.00 with average volatility.
Support : $55.80 and $55.40 Resistance : $58.00 and $58.70
Apr 7 - My Broken Major Support Trendline ?
The expected dead cat bounce towards $61.50 last Friday was short lived ( traded as high $60.20 only ) and market resume a nasty downtrend.
Friday morning I wrote: Starting to trade below $59.10 will mean to me extreme technical weakness...
Breaking $59.10 last Friday bring a capitulation phase the remaining of
the trading session. But the scariest part is, looking at a weekly chart,
we broke a major support trendline that started back in November 2013 (see 3rd chart below - Amber line - $61.10 resistance level for next week).
Now back to daily technicals:
We are still taking into account a downtrend channel that started on March 27 with $56.10 support and $63.10 as resistance.
Also, we have an overlap downtrend channel that started on April 2 with $55.50 as support and $61.60 as resistance.
Starting to trade below $55.50 will mean to me extreme technical weakness...
The ride will still be an above average volatility pattern of price action...
A daily close above $61.60 will give us another bullish impulse and direct go towards $61.90 max $63.10 for now in the next few sessions.
A daily close below $61.60 but above $56.10 will mean for me that we are into a consolidation phase for a few sessions.
My main scenario for now.
A daily close below $56.10 will mean for me that we are back into a bearish mode and target towards 55.50 and max $54.90.
Facebook shares Underperformed the SP500 on April 4 (2nd chart below)
Expect a day trading range between $56.10 - $59.10 with average volatility.
Support : $56.10 and $55.50 Resistance : $58.00 and $59.10
Apr 4 Back Towards a Dead Cat Bounce ?
Yesterday I wrote:
Finally a Bullish Phase ?
Starting to trade below $61.70 will be a concern to me...
Today, expect a dead cat bounce towards $61.50 max $61.90
Now back to technicals:
We are still taking into account a downtrend channel that started on March 17 with $57.50 support and $61.50 as resistance.
Also, we have an overlap downtrend channel that started on April 2 with $58.40 as support and $62.40 as resistance.
Starting to trade below $59.10 will mean to me extreme technical weakness...
The ride will still be an above average volatility pattern of price action...
A daily close above $62.40 will give us another bullish impulse and direct go towards $63.20 max $63.90 for now in the next few sessions.
A daily close below $62.40 but above $59.10 will mean for me that we are into a dead cat bounce for a few sessions.
My main scenario for now.
A daily close below $59.10 will mean for me that we are back into a bearish mode and target towards 58.40 and max $58.00.
Facebook shares Underperformed the SP500 on April 3 (2nd chart below)
Expect a day trading range between $59.10 - $61.90 with average volatility.
Support : $59.10 and $58.40 Resistance : $61.50 and $61.90
Apr 3 Finally a Bullish Phase ?
Yesterday I wrote:
The real question is; is it a dead cat bounce or a new bullish phase ?
We will have the answer today; we will need to have a daily close above 62.40 for me to turn bullish... And we did - 62.72 but with a nasty candle.
Starting to trade below 61.70 will be a concern to me...
Now back to technicals:
We are still taking into account a downtrend channel that started on March 17 with $58.10 support and 62.20 as resistance.
Also, we have an overlap uptrend channel that started on March 27 with 61.70 as support and 65.60 as resistance.
Starting to trade below $61.70 will mean to me extreme technical weakness...
The ride will still be an above average volatility pattern of price action...
A daily close above $63.90 will give us another bullish impulse and direct go towards $64.90 max $65.60 for now in the next few sessions.
A daily close below $63.90 but above $61.70 will mean for me that we are still into a bullish phase for a few sessions.
My main scenario for now.
A daily close below $61.70 will mean for me that we are back into a bearish mode and target towards 60.20 and max $59.30.
Facebook shares Underperformed the SP500 on April 2 (2nd chart below)
Expect a day trading range between $61.90 - $63.90 with average volatility.
Support : $62.20 and $61.70 Resistance : $63.40 and $63.90
Apr 2 Dead Cat Bounce or Bullish Phase ?
The real question is; is it a dead cat bounce or a new bullish phase ?
We will have the answer today; we will need to have a daily close above 62.40 for me to turn bullish...
Now back to technicals:
We are still taking into account a downtrend channel that started on March 17 with $58.80 support and 62.40 as resistance.
Also, we have an overlap uptrend channel that started on March 27 with 61.00 as support and 64.90 as resistance.
Starting to trade below $61.50 will mean to me extreme technical weakness...
The ride will still be an above average volatility pattern of price action...
A daily close above $63.40 will give us another bullish impulse and direct go towards $63.80 max $64.90 for now in the next few sessions.
A daily close above $62.40 today will mean we re going to a bullish phase from a consolidation / dead cat bounce...
A daily close below $62.40 but above $61.00 will mean for me that we are still into a consolidation trade / dead cat bounce for a few sessions.
My main scenario for now.
A daily close below $61.00 will mean for me that we are back into a bearish mode and target towards 60.20 and max $59.30.
Facebook shares Outperformed the SP500 on April 1 (2nd chart below)
Expect a day trading range between $61.50 - $63.40 with above average volatility.
Support : $61.90 and $61.50 Resistance : $63.40 and $63.80
Apr 1 Still Into a Consolidation Phase ?
Last Friday was the real test for a strong rebound for Facebook Shares.
It did traded as high as 61.95 and failed to stay above...
That tells me that the consolidation process will be longer and more painful...
Now back to technicals:
We are still taking into account a downtrend channel that started on March 17 with $59.40 support and 63.10 as resistance.
We have also another overlap downtrend channel that started on March 24 with 55.70 support and 60.40 as resistance.
And finally, another overlap uptrend channel that started on March 27 with 58.10 as support and 62.00 as resistance.
Starting to trade below $58.10 will mean to me extreme technical weakness...
The ride will still be an above average volatility pattern of price action...
A daily close above $62.00 will give us another bullish impulse and direct go towards $63.10 max $63.70 for now in the next few sessions.
A daily close below $62.00 but above $59.40 will mean for me that we are still into a consolidation trade for a few sessions.
My main scenario for now.
A daily close below $59.40 will mean for me that we are back into a bearish mode and target towards 58.10 and max $57.10.
Facebook shares Underperformed the SP500 on March 31 (2nd chart below)
Expect a day trading range between $59.40 - $61.50 with above average volatility.
Support : $60.30 and $59.40 Resistance : $61.50 and $62.00
March 31 My Painful Consolidation Phase ?
Last Friday I wrote:
Now, from a dead cat bounce towards a more bullish pattern: 61.90 broken will give us 62.70 max 63.40... We did test that level ( traded as high as 61.95 and failed to stay above ).
It tells me that the consolidation process will be longer and more painful...
Now back to technicals:
We are still taking into account a downtrend channel that started on March 17 with $60.00 support and 63.70 as resistance.
We have also another overlap downtrend channel that started on March 24 with 56.80 support and 61.50 as resistance.
And finally, another overlap uptrend channel that started on March 27 with 58.10 as support and 62.00 as resistance.
Starting to trade below $58.00 will mean to me extreme technical weakness...
The ride will still be an above average volatility pattern of price action...
A daily close above $62.00 will give us another bullish impulse and direct go towards $63.10 max $63.70 for now in the next few sessions.
A daily close below $62.00 but above $59.30 will mean for me that we are into a consolidation trade for a few sessions.
My main scenario for now.
A daily close below $59.30 will mean for me that we are back into a bearish mode and target towards 58.00 and max $57.10.
Facebook shares Underperformed the SP500 on March 28 (2nd chart below)
Expect a day trading range between $58.60 - $61.50 with above average volatility.
Support : $59.30 and $58.60 Resistance : $60.40 and $61.50
March 28 My Bullish Hammer ?
Yesterday I wrote:
Facebook Shares started part 2 of the dead cat bounce by reaching oversold conditions yesterday. Expect a rebound to 61.80 max 62.50.
Now, from a dead cat bounce towards a more bullish pattern:
61.90 broken will give us 62.70 max 63.40...
Now back to technicals:
We are still taking into account a downtrend channel that started on March 17 with $60.70 support and 64.30 as resistance.
We have also another overlapp downtrend channel that started on March 24 with 58.00 support and 62.70 as resistance.
Starting to trade below $58.00 will mean to me extreme technical weakness...
The ride will stillbe an above average volatility pattern of price action...
A daily close above $61.90 will give us another bullish impulse and direct go towards $62.70 max $63.70 for now in the next few sessions.
A daily close below $61.90 but above $60.70 will mean for me that we are into a consolidation / bullish trade for a few sessions.
My main scenario for now.
A daily close below $60.70 will mean for me that we are back into a bearish mode and target towards 59.30 and max $58.00.
Facebook shares Outperformed the SP500 on March 27 (2nd chart below)
Expect a day trading range between $60.70 - $62.70 with above average volatility.
Support : $60.70 and $60.40 Resistance : $61.90 and $62.70
March 27 Dead Cat Bounce - Part 2 ?
Yesterday I wrote: Starting to trade below $63.80 will mean to me extreme technical weakness...
Facebook Shares started part 2 of the dead cat bounce by reaching oversold conditions yesterday. Expect a rebound to 61.80 max 62.50.
Now back to technicals:
We are still within a downtrend channel that started on March 17 with $61.40 support and 60.00 as resistance.
We have also another overlapp downtrend channel that started on March 24 with 59.20 support and 63.90 as resistance.
Starting to trade below $59.20 will mean to me extreme technical weakness...
The ride will be an above average volatility pattern kind of price action...
A daily close above $63.40 will give us another bullish impulse and direct go towards $63.90 max $65.00 for now in the next few sessions.
A daily close below $63.40 but above $60.40 will mean for me that we are into a dead cat bounce / consolidation trade for a few sessions.
My main scenario for now.
A daily close below $60.40 will mean for me that we are back into a bearish mode and target towards 59.20 and max $58.10.
Facebook shares Underperformed the SP500 on March 26 (2nd chart below)
Expect a day trading range between $59.20 - $61.80 with above average volatility.
Support : $59.20 and $58.10 Resistance : $61.80 and $62.50
March 26 Consolidation Mode ?
Facebook Shares completed the dead cat bounce yesterday by exceeding slightly the 65.70 zone and failed to stay above that level.
That is technical weakness for me. Now, from a dead cat bounce, we re going into a consolidation phase with a retest of that level (now at $65.80).
Now back to technicals:
We are still within a downtrend channel that started on March 11 with $63.10 support and 66.50 as resistance.
We have also another overlapp downtrend channel that started on March 18 with 65.30 support and 67.80 as resistance.
And finally, we started a new uptrend channel on March 24 with 64.20 support and 68.20 resistance.
Starting to trade below $63.80 will mean to me extreme technical weakness...
The ride will be an above average volatility pattern kind of price action...
A daily close above $66.50 will give us another bullish impulse and direct go towards $66.90 max $67.70 for now in the next few sessions.
A daily close below $66.50 but above $63.80 will mean for me that we are into a consolidation trade for a few sessions.
My main scenario for now.
A daily close or starting to trade below $63.80 will mean for me that we are back into a bearish mode and target towards 62.80 and max $61.90.
Facebook shares outperformed the SP500 on March 25 (2nd chart below)
Expect a day trading range between $64.50 - $66.80 with above average volatility.
Support : $64.50 and $64.20 Resistance : $66.20 and $66.50
March 25 Dead Cat Bounce ?
Yesterday I wrote that Facebook Shares were on a Slippery Road.
Breaking that Bullish Channel put FB Shares at risk of slippage towards $65.70.
We exceeded my bearish target. Now expect a tiny dead cat bounce
towards that $65.70 level Max before resuming downtrend.
Now back to technicals:
We are not anymore into an uptrend channel that started on February 20 with 68.30 support ( now becomes resistance ).
We have also a overlapp downtrend channel that started on March 18 with $65.50 support and 68.10 as resistance.
We have also another overlapp downtrend channel that started on March 18 with 63.60 support and 67.00 as resistance.
Starting to trade below $63.60 will mean to me technical weakness...
The ride will be an above average volatility pattern kind of price action...
A daily close above $67.00 will give us another bullish impulse and direct go towards $67.90 max $68.20 for now in the next few sessions.
A daily close below $67.00 but above $63.60 will mean for me that we are s into a dead cat bounce trade for a few sessions.
My main scenario for now.
A daily close or starting to trade below $63.60 will mean for me that we are back into a bearish mode and target towards 62.20 and max $61.80.
Facebook shares underperformed the SP500 on March 24 (2nd chart below)
Expect a day trading range between $63.60 - $65.70 with above average volatility.
Support : $63.60 and $63.10 Resistance : $64.80 and $65.70
March 24 A Slippery Road Ahead ?
Facebook Shares failed to stay inside the bullish channel that was prevailing since February 20.
Since then, it s been a painful bleeding pattern. Breaking that Bullish Channel put FB Shares at risk of slippage towards $65.70.
Now back to technicals:
We are not anymore into an uptrend channel that started on February 20 with 68.20 support ( now becomes resistance ).
We have also a new overlapp uptrend channel that started on March 17 with $67.00 support and 69.90 as resistance.
We have also another overlapp downtrend channel that started on March 18 with 65.90 support and 68.40 as resistance.
Starting to trade below $67.00 will mean to me technical weakness...
The ride will be an above average volatility pattern kind of price action...
A daily close above $68.40 will give us another bullish impulse ( back inside the bullish channel ) and direct go towards $69.30 max $69.90 for now in the next few sessions.
A daily close below $68.40 but above $67.00 will mean for me that we are still into a consolidation / channel trade for a few sessions.
A daily close or starting to trade below $67.00 will mean for me that we are back into a bearish mode and target towards 66.20 and max $65.70.
My main scenario for now.
Facebook shares outperformed the SP500 on March 21 (2nd chart below)
Expect a day trading range between $66.50 - $68.20 with above average volatility.
Support : $66.60 and $66.20 Resistance : $67.90 and $68.40
March 21 My Broken Bullish Channel ?
Facebook Shares failed to stay inside the bullish channel that was prevailing since February 20.
Since then, it s been a painful bleeding pattern. Breaking that Bullish Channel put FB Shares at risk of slippage towards $65.70.
Now back to technicals:
We are not anymore into an uptrend channel that started on February 20 with 68.10 support and 73.50 resistance.
We have also a new overlapp downtrend channel that started on March 11 with $64.50 support and 67.60 as resistance.
We have an overlapp uptrend channel that started on March 14 with 66.90 support and 69.80 as resistance.
Starting to trade below $66.60 will mean to me technical weakness...
The ride will be an above average volatility pattern kind of price action...
A daily close above $68.10 will give us another bullish impulse ( back inside the bullish channel ) and direct go towards $69.00 max $69.50 for now in the next few sessions.
A daily close below $68.10 but above $66.90 will mean for me that we are still into a consolidation / channel trade for a few sessions.
A daily close or starting to trade below $66.90 will mean for me that we are back into a bearish mode and target towards 66.50 and max $65.70.
My main scenario for now.
Facebook shares Underperformed the SP500 on March 20 (2nd chart below)
Expect a day trading range between $66.50 - $68.10 with above average volatility.
Support : $66.90 and $66.50 Resistance : $67.60 and $68.10
March 20 Near Breaking Bullish Channel ?
Facebook Shares rebounded on March 17 from outside the bullish channel.
Since then, it s been a painful grind. Breaking that Bullish Channel Today put FB Shares at risk of slippage towards $65.70.
Now back to technicals:
We are still into a new uptrend channel that started on February 20 with
67.90 support and 73.40 resistance.
We have also a new overlapp downtrend channel that started on March 11 with $65.10 support and 68.20 as resistance.
We have an overlapp uptrend channel that started on March 14 with 66.80 support and 69.80 as resistance.
Starting to trade below $67.90 will mean to me technical weakness...
The ride will be an above average volatility pattern kind of price action...
A daily close above $69.80 will give us another bullish impulse ( break out pattern ) and direct go towards $70.50 max $71.40 for now in the next few sessions.
A daily close below $69.80 but above $67.90 will mean for me that we are still into a consolidation / channel trade for a few sessions.
My main scenario for now.
A daily close or starting to trade below $67.90 will mean for me that we are back into a bearish mode and target towards 66.80 and max $65.70.
Facebook shares Underperformed the SP500 on March 19 (2nd chart below)
Expect a day trading range between $66.60 - $68.80 with above average volatility.
Support : $67.50 and $66.90 Resistance : $68.30 and $68.90
March 19 Channels Fever ?
Facebook Shares rebounded on March 17 from outside the bullish channel.
Since then, it s been a painful grind. I expect a consolidation range here
within 3 overlapp channels - Channels fever...
Now back to technicals:
We are still into a new uptrend channel that started on February 20 with
67.90 support and 73.30 resistance.
We have also a new overlapp downtrend channel that started on March 11 with $65.70 support and 68.80 as resistance.
We have an overlapp downtrend channel that started on March 14 with 66.80 support and 69.70 as resistance.
Starting to trade below $67.90 will mean to me extreme technical weakness...
The ride will be an average volatility pattern kind of price action...
A daily close above $69.70 will give us another bullish impulse ( break out pattern ) and direct go towards $70.50 max $71.40 for now in the next few sessions.
A daily close below $69.70 but above $67.90 will mean for me that we are still into a consolidation / channel trade for a few sessions.
My main scenario for now.
A daily close below $67.90 will mean for me that we are back into a bearish mode and target towards 66.80 and max $65.70.
Facebook shares Underperformed the SP500 on March 17 (2nd chart below)
Expect a day trading range between $68.40 - $69.90 with average volatility.
Support : $68.40 and $67.90 Resistance : $69.70 and $69.90
March 18 Still Into the Bullish Channel ?
Yesterday I wrote:
Facebook Shares were hammered last week: now, to stay into the bullish channel that prevail since February 20, we need to close on March 17 above 67.60. ( It did closed at 68.74. )
Now back to technicals:
We are still into a new uptrend channel that started on February 20 with
67.70 support and 73.20 resistance.
We have an overlapp downtrend channel that started on March 5 with 68.50 support and 72.00 as resistance.
We have also a new overlapp downtrend channel that started on March 11 with $66.30 support and 69.50 as resistance.
Starting to trade below $67.70 will mean to me extreme technical weakness...
The ride will be an above average volatility pattern kind of price action...
A daily close above $69.50 will give us another bullish impulse ( break out pattern ) and direct go towards $71.40 max $71.90 for now in the next few sessions.
A daily close below $69.50 but above $67.70 will mean for me that we are still into a consolidation / channel trade for a few sessions.
My main scenario for now.
A daily close below $67.70 will mean for me that we are back into a bearish mode and target towards 66.60 and max $65.70.
Facebook shares Outperformed the SP500 on March 17 (2nd chart below)
Expect a day trading range between $67.70 - $69.40 with above average volatility.
Support : $68.10 and $67.70 Resistance : $68.90 and $69.40
March 17 Last Call for Bullish Channel ?
Facebook Shares were hammered last week: now, to stay into the bullish channel that prevail since February 20, we need to close on March 17 above 67.60. Failing to do so will bring us a bear trend for FB shares.
Now back to technicals:
We are still into a new uptrend channel that started on February 20 with
67.60 support and 72.90 resistance.
We have an overlapp downtrend channel that started on March 5 with 68.60 support and 72.10 as resistance.
We have also a new overlapp downtrend channel that started on March 11 with $66.90 support and 70.10 as resistance.
Starting to trade below $66.90 will mean to me extreme technical weakness...
The ride will be an above average volatility pattern kind of price action...
A daily close above $70.10 will give us another bullish impulse ( break out pattern ) and direct go towards $71.40 max $71.90 for now in the next few sessions.
A daily close below $70.10 but above $67.60 will mean for me that we are still into a consolidation / channel trade for a few sessions.
My main scenario for now.
A daily close below $67.60 will mean for me that we are back into a bearish mode and target towards 66.50 and max $65.70.
Facebook shares Underperformed the SP500 on March 14 (2nd chart below)
Expect a day trading range between $67.60 - $68.90 with above average volatility.
Support : $68.20 and $67.60 Resistance : $68.90 and $69.30
March 14 Dead Cat Bounce ?
Yesterday I wrote: Starting to trade below $68.90 will mean to me extreme technical weakness... We reached almost the first target yesterday at $68.10 ( low was $68.15 ). Now a dead cat bounce is expected to $68.90 max $69.50 for now...
Now back to technicals:
We are still into a new uptrend channel that started on February 20 with
67.50 support and 72.90 resistance.
We have an overlapp downtrend channel that started on March 5 with 68.70 support and 72.20 as resistance.
We have also a new overlapp downtrend channel that started on March 11 with $67.50 support and 70.70 as resistance.
Starting to trade below $67.50 will mean to me extreme technical weakness...
The ride will be an above average volatility pattern kind of price action...
A daily close above $70.70 will give us another bullish impulse ( break out pattern ) and direct go towards $71.40 max $71.90 for now in the next few sessions.
A daily close below $70.70 but above $67.50 will mean for me that we are still into a consolidation / channel trade for a few sessions.
My main scenario for now.
A daily close below $67.50 will mean for me that we are back into a bearish mode and target towards 66.90 and max $66.50.
Facebook shares Underperformed the SP500 on March 13 (2nd chart below)
Expect a day trading range between $68.10 - $69.50 with above average volatility.
Support : $68.10 and $67.50 Resistance : $68.90 and $69.50
March 13 The 71.00 Level Magnet ?
Well, Facebook Shares are playing around the 71.00 level as if a magnet was there. I still expect that kind of price action unless we break the 72.40 level were it will be a break out phase.
Now back to technicals:
We are still into a new uptrend channel that started on February 20 with
67.40 support and 72.90 resistance.
We have an overlapp downtrend channel that started on March 5 with 68.90 support and 72.40 as resistance.
Also, we have a resistance trendline that started on March 3 ( within the major bullish channel ) with 72.40 as the level.
Starting to trade below $68.90 will mean to me extreme technical weakness...
The ride will be an above average volatility pattern kind of price action...
A daily close above $72.40 will give us another bullish impulse ( break out pattern ) and direct go towards $72.90 max $73.30 for now in the next few sessions.
A daily close below $72.40 but above $68.90 will mean for me that we are still into a consolidation / channel trade for a few sessions.
My main scenario for now.
A daily close below $68.90 will mean for me that we are back into a bearish mode and target towards 68.10 and max $67.40.
Facebook shares outperformed the SP500 on March 12 (2nd chart below)
Expect a day trading range between $69.50 - $71.70 with above average volatility.
Support : $69.60 and $68.90 Resistance : $71.90 and $72.40
March 12 Back to Consolidation Phase ?
Yesterday I wrote:
Now, for a perfect break out play, we should not retest the 71.00 level in the next few sessions...
Well, Facebook Shares did not stay very long into the bullish phase. Already starting to trade below 71.00 was the first sign of a reversal from bullish to consolidation phase.
Now back to technicals:
We are still into a new uptrend channel that started on February 20 with
67.30 support and 72.80 resistance.
Also, we have a resistance trendline that started on March 3 ( within the major bullish channel ) with 71.70 as the level.
Starting to trade below $68.70 will mean to me extreme technical weakness...
The ride will be an above average volatility pattern kind of price action...
A daily close above $71.70 will give us another bullish impulse ( break out pattern ) and direct go towards $72.20 max $72.60 for now in the next few sessions.
A daily close below $71.70 but above $68.70 will mean for me that we are still into a consolidation / channel trade for a few sessions.
My main scenario for now.
A daily close below $68.70 will mean for me that we are back into a bearish mode and target towards 67.30 and max $66.50.
Facebook shares underperformed the SP500 on March 11 (2nd chart below)
Expect a day trading range between $68.90 - $71.00 with above average volatility.
Support : $69.60 and $68.90 Resistance : $70.50 and $71.00
March 11 Back to Bullish Phase ?
Well, Facebook Shares did not stay very long into the consolidation phase and that was very short indeed. But starting to trade above 71.00 was the first sign of a reversal from consolidation to bullish phase.
Now, for a perfect break out play, we should not retest the 71.00 level in the next few sessions...
Now back to technicals:
We are still into a new uptrend channel that started on February 20 with
67.20 support and 72.80 resistance.
Also, we have a support trendline that started on March 3 ( within the major bullish channel ) with 71.00 support.
Starting to trade below $71.00 will mean to me extreme technical weakness...
The ride will be an above average volatility pattern kind of price action...
A daily close above $72.80 will give us another bullish impulse ( break out pattern ) and direct go towards $73.50 max $74.20 for now in the next few sessions.
A daily close below $72.80 but above $71.00 will mean for me that we are still into a bullish / channel trade for a few sessions.
My main scenario for now.
A daily close below $71.00 will mean for me that we are back into a bearish mode and target towards 69.50 and max $68.40.
Facebook shares outperformed the SP500 on March 10 (2nd chart below)
Expect a day trading range between $71.40 - $72.80 with above average volatility.
Support : $71.90 and $71.40 Resistance : $72.80 and $73.50
March 10 Consolidation Phase ?
Last Friday Morning I wrote:
We are at crossroads for the technicals set up on Facebook.
We are still within a bullish channel but a support trendline will dictate
the next big move for Facebook shares for the next few trading sessions.
That trenline support line was broken at 71.00 on March 7...
Facebook Shares were into their bullish process since March 3 but it changed to a consolidation stance on March 7.
Now back to technicals:
We are still into a new uptrend channel that started on February 20 with
67.10 support and 72.50 resistance.
Also, we have a tiny downtrend channel that started on March 6 ( within the major bullish channel ) with 68.60 support and 70.30 resistance.
Starting to trade below $68.60 will mean to me extreme technical weakness...
The ride will be an above average volatility pattern kind of price action...
A daily close above $71.00 will give us another bullish impulse and direct go towards $72.00 max $72.60 for now in the next few sessions ( and then cancel my consolidation scenario ).
A daily close below $71.00 but above $68.60 will mean for me that we are still into a consolidation / channel trade for a few sessions.
My main scenario for now.
A daily close below $68.60 will mean for me that we are back into a bearish mode and target towards 68.00 and max $67.10.
Facebook shares underperformed the SP500 on March 7 (2nd chart below)
Expect a day trading range between $68.90 - $71.00 with above average volatility.
Support : $69.50 and $68.90 Resistance : $70.30 and $71.00
March 7 D-Day for Facebook ?
Facebook Shares were into their consolidation process since February 25
but it changed to a bullish stance on March 4.
We are at crossroads for the technicals set up on Facebook.
We are still within a bullish channel but a support trendline will dictate
the next big move for Facebook shares for the next few trading sessions.
Now back to technicals:
We are still into a new uptrend channel that started on February 20 with
66.90 support and 72.50 resistance.
Also, we have a support trendline ( amber line on the chart below ) that started on March 3 with 71.00 as the level. We need a daily close above that to continue the bullish scenario unless we will be back in consolidation mode...
Starting to trade below $69.60 will mean to me technical weakness...
The ride will be an above average volatility pattern kind of price action...
A daily close above $72.50 will give us another bullish impulse
and direct go towards $73.40 max $74.30 for now in the next few sessions.
A daily close below $72.50 but above $71.00 will mean for me that we are still into a bulish / channel trade for a few sessions.
My main scenario for now.
A daily close below $71.00 will mean for me that we are back into a consolidation mode and target towards 69.60 and max $67.50.
Facebook shares underperformed the SP500 on March 6 (2nd chart below)
Expect a day trading range between $70.30 - $72.00 with above average volatility.
Support : $70.30 and $69.90 Resistance : $71.40 and $72.00
March 6 Bullish Channel ?
Facebook Shares were into their consolidation process since February 25
but since March 4 it changed to a bullish stance.
Yesterday I wrote:
A daily close above $70.10 will give us a bullish scenario quicker
and direct go towards $72.20 max $72.80 for now in the next few sessions.
We are into that phase now...
Now back to technicals:
We are still into a new uptrend channel that started on February 20 with
66.90 support and 72.30 resistance.
Starting to trade below $68.90 will mean to me technical weakness...
The ride will be an above average volatility pattern kind of price action...
A daily close above $72.30 will give us another bullish impulse
and direct go towards $72.80 max $73.40 for now in the next few sessions.
A daily close below $72.30 but above $68.90 will mean for me that we are still into a bulish / channel trade for a few sessions.
My main scenario for now.
A daily close below $68.90 will mean for me a gap down towards 67.60 and max $66.90.
Facebook shares outperformed the SP500 on March 5 (2nd chart below)
Expect a day trading range between $71.00 - $72.30 with above average volatility.
Support : $71.20 and $69.90 Resistance : $72.00 and $72.30
March 5 New Channel ?
Facebook Shares were into their grinding process since January 30
but since February 25 it changed to a consolidation stance.
Now back to technicals:
We are into a new uptrend channel that started on February 20 with
66.70 support and 72.20 resistance.
Also, there is an overlapping support trendline that started on February 26 with 68.30 support.
Starting to trade below $68.30 will mean to me technical weakness...
The ride will be an above average volatility pattern kind of price action...
A daily close above $70.10 will give us a bullish scenario quicker
and direct go towards $72.20 max $72.80 for now in the next few sessions.
A daily close below $70.10 but above $68.30 will mean for me that we are still into a consolidation / channel trade for a few sessions.
My main scenario for now.
A daily close below $68.30 will mean for me a gap down towards 66.70 and max $65.70.
Facebook shares outperformed the SP500 on March 4 (2nd chart below)
Expect a day trading range between $68.30 - $70.10 with above average volatility.
Support : $68.50 and $68.30 Resistance : $69.90 and $70.70
March 4 Back Into the Channel
Facebook Shares were into their grinding process since January 30
but since February 25 it changed to a consolidation stance.
Now back to technicals:
We are back into a downtrend channel that started on February 24 with
67.90 support and 70.80 resistance.
Also, there is an overlapping channel that started on February 26 with
65.90 support and 68.50 resistance.
Starting to trade below $67.90 will mean to me technical weakness...
The ride will be an above average volatility pattern kind of price action...
A daily close above $70.80 will give us a bullish scenario quicker
and direct go towards $72.80 max $73.60 for now in the next few sessions.
A daily close below $70.80 but above $67.90 will mean for me that we are still into a consolidation / channel trade for a few sessions.
My main scenario for now.
A daily close below $67.90 will mean for me a gap down towards 66.50 and max $65.70.
Facebook shares underperformed the SP500 on March 3 (2nd chart below)
Expect a day trading range between $67.90 - $70.30 with above average volatility.
Support : $68.50 and $67.90 Resistance : $68.90 and $69.90
March 3 Still into a Consolidation Phase
Facebook Shares were into their grinding process since January 30
but since February 25 it changed to a consolidation stance.
Now back to technicals:
We are not anymore into an uptrend channel that started on February 6 with
69.70 support and 73.70 resistance.
Also, there is an overlapping channel that started on February 24 with
68.00 support and 70.90 resistance.
Starting to trade below $68.00 will mean to me technical weakness...
The ride will be an above average volatility pattern kind of price action...
A daily close above $70.90 will give us a bullish scenario quicker
and direct go towards $72.80 max $73.60 for now in the next few sessions.
A daily close below $70.90 but above $68.00 will mean for me that we are still into a consolidation / channel trade for a few sessions.
My main scenario for now.
A daily close below $68.00 will mean for me a gap down towards 67.00 and max $65.70.
Facebook shares underperformed the SP500 on Feb 28 (2nd chart below)
Expect a day trading range between $67.40 - $69.70 with above average volatility.
Support : $68.00 and $67.40 Resistance : $69.70 and $70.10
Feb 28 Still into a Consolidation Phase
Facebook Shares were into their grinding process since January 30
but since February 25 it changed to a consolidation stance.
Now back to technicals:
We are now within an uptrend channel that started on February 6 with
69.10 support and 73.20 resistance.
Also, there is an overlapping channel that started on February 24 with
68.10 support and 71.00 resistance.
Starting to trade below $68.10 will mean to me technical weakness...
The ride will be an above average volatility pattern kind of price action...
A daily close above $71.40 will give us a bullish scenario quicker
and direct go towards $72.80 max $73.60 for now in the next few sessions.
A daily close below $71.40 but above $68.10 will mean for me that we are still into a consolidation / channel trade for a few session.
My main scenario for now.
A daily close below $68.10 will mean for me a gap down towards 67.00 and max $65.70.
Facebook shares underperformed the SP500 on Feb 27 (2nd chart below)
Expect a day trading range between $68.10 - $70.00 with above average volatility.
Support : $68.80 and $68.10 Resistance : $70.00 and $71.00
Feb 27 Consolidation Phase
Facebook Shares were into their grinding process since January 30
but starting on February 25 it changed to a consolidation stance.
Also note a Shooting Star Pattern yesterday on the Internet Stocks ETF:
Internet Stocks (FDN ETF): Shooting Star ?
Now back to technicals:
We are now within an uptrend channel that started on February 6 with
68.70 support and 72.70 resistance.
Also, there is an overlapping channel that started on February 24 with
68.20 support and 71.10 resistance.
Starting to trade below $68.20 will mean to me technical weakness...
The ride will be an above average volatility pattern kind of price action...
A daily close above $71.40 will give us a bullish scenario quicker
and direct go towards $72.80 max $73.60 for now in the next few sessions.
A daily close below $71.40 but above $68.20 will mean for me that we are still into a consolidation / channel trade for a few session.
My main scenario for now.
A daily close below $68.20 will mean for me a gap down towards 67.00 and max $65.70.
Facebook shares underperformed the SP500 on Feb 26 (2nd chart below)
Expect a day trading range between $68.20 - $71.00 with above average volatility.
Support : $68.70 and $68.20 Resistance : $70.30 and $71.10
Feb 26 Still Into the Grinding Phase
Facebook Shares continue their grinding process since January 30
and outperforming the Mighty SP500 index...
Now back to technicals:
We are now within an uptrend channel that started on February 6 with
68.20 support and 72.90 resistance.
Also, there is an overlapping channel that started on February 13 with
69.60 support and 72.20 resistance.
Starting to trade below $68.20 will mean to me technical weakness...
The ride will be an above average volatility pattern kind of price action...
A daily close above $72.20 will give us a bullish scenario quicker
and direct go towards $72.90 max $73.60 for now in the next few sessions.
A daily close below $71.50 but above $68.20 will mean for me that we are still into a grinding / channel trade for a few session.
My main scenario for now.
A daily close below $68.20 will mean for me a gap down towards 67.00 and max $65.70.
Facebook shares underperformed the SP500 on Feb 25 (2nd chart below)
Expect a day trading range between $69.10 - $71.50 with above average volatility.
Support : $69.60 and $68.50 Resistance : $71.40 and $72.20
Feb 25 Still Into the Grinding Phase
Facebook Shares continue their grinding process since January 30
and outperforming the Mighty SP500 index...
Now back to technicals:
We are now within an uptrend channel that started on February 6 with
67.60 support and 71.70 resistance.
Also, there is an overlapping channel that started on February 13 with
68.90 support and 72.10 resistance.
Starting to trade below $67.60 will mean to me technical weakness...
The ride will be an above average volatility pattern kind of price action...
A daily close above $72.20 will give us a bullish scenario quicker
and direct go towards $72.80 max $73.60 for now in the next few sessions.
A daily close below $71.70 but above $67.60 will mean for me that we are still into a grinding / channel trade for a few session.
My main scenario for now.
A daily close below $67.60 will mean for me a gap down towards 65.70 and max $64.10.
Facebook shares outperformed the SP500 on Feb 24 (2nd chart below)
Expect a day trading range between $69.10 - $71.50 with above average volatility.
Support : $68.90 and $68.50 Resistance : $71.40 and $72.20
Feb 24 The Grinding Phase
Facebook Shares continue their grinding process since January 30
and outperforming the Mighty SP500 index...
Now back to technicals:
We are now within an uptrend channel that started on February 6 with
67.10 support and 71.10 resistance.
Also, there is an overlapping channel that started on February 13 with
68.20 support and 71.50 resistance.
Starting to trade below $67.10 will mean to me technical weakness...
The ride will be an above average volatility pattern kind of price action...
A daily close above $71.50 will give us a bullish scenario quicker
and direct go towards $72.30 max $72.80 for now in the next few sessions.
A daily close below $71.10 but above $67.10 will mean for me that we are still into a grinding / channel trade for a few session.
My main scenario for now.
A daily close below $67.10 will mean for me a gap down towards 65.70 and max $64.10.
Facebook shares underperformed the SP500 on Feb 21 (2nd chart below)
Expect a day trading range between $67.10 - $69.10 with average volatility.
Support : $68.20 and $67.50 Resistance : $69.10 and $70.10
Facebook Shares Prices Weekly $FB ( Candles )
RATIO FB Stock over SOCL ETF ( Blue Line )
SOCL ETF ( Candles )
SOCL ETF ( Candles )
