Hey guys real quick. Got a potential setup here on Facebook. Where we took the fibonacci pull from the genesis point to the previous all time high. We pulled from here because we went straight to the algorithmic target at the 50% fibonacci level. We broke the upper trendline and are currently testing it. Dont fight the uptrend.taking out the all time high recently , now leaves us open to the upper algorithm sell zone(in green box).
Of course we must be cautious because the rsi at the current state is showing POSSIBLY some bearish hidden divergence. This is when the price makes a higher high but the rsi does not make a higher high.thats bearish. That doesnt mean it cant climb higher later though. Always have an exit strategy.
The apple weekly chart made this same play in 2019 where it broke above the trendline and the all time higher then surged higher. I expect Facebook to follow the same roadmap.ill post a chart of apple showing the similarities.
Good luck guys and gals
Of course we must be cautious because the rsi at the current state is showing POSSIBLY some bearish hidden divergence. This is when the price makes a higher high but the rsi does not make a higher high.thats bearish. That doesnt mean it cant climb higher later though. Always have an exit strategy.
The apple weekly chart made this same play in 2019 where it broke above the trendline and the all time higher then surged higher. I expect Facebook to follow the same roadmap.ill post a chart of apple showing the similarities.
Good luck guys and gals
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.