yesterday I have been working to the analysis of the of Facebook, the well known Internet meeting and sharing portal whose stock (ticker: FB) trades on the NASDAQ.
I think this stock is a sell and price could be coming into a daily short setup in the coming days. Please review my video analysis below:
Although there is not a lot of data for this stock that started trading on May 2012 on the NASDAQ, we can still give indications based on the analysis of the daily chart. The stocks started trading lower right away as it went public and then continued trading in extensions shorts into the 17.55. After that the sequence of moves downwards was interrupted with price piercing the 22.50 level on the upside. The stock moved laterally from August to mid November 2012 and then started moving higher. The sequence of measured moves upwards was interrupted recently right into a longer-term short on the larger timeframe. That resistance and short area starts from 31.30 all the way up to 34.50 and the stock printed highs at 32.49. The stock is currently reacting higher and price could be pushed into the next short selling entry area between 29.25 and 29.80, with stops above 30.50. The targets for the lager move lower is at 11.10, which will be confirmed if price moves below 23.20! On the smaller timeframe targets will be in the 26.20 and 24.50 areas, but given the larger target the potential for this stocks is very large too, with a potential 60% gain.
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