Facebook (FB)
This stock will rocket to the upside if earnings results on Wednesday (Nov. 1st), after market close, are good.
Admittedly, two weeks ago, the landscape in FB stock looked a bit less certain. Shares had been consolidating constructively within a flat base for a couple months when bears sliced some 4.50% off Facebook and in the process, damaged its technical prospects.
But then a funny thing happened, shares of Facebook failed to move lower. Not only that, FB almost immediately recaptured all of its losses and moved back inside the lateral base to form a bullish hammer reversal pattern on the weekly chart.
The Facebook stock price has moved marginally higher after confirming what we can now label as a shakeout pattern. As much and if you respect the power of mischievous price patterns and appreciate those nefarious Russian bears will soon be yesterday’s (fake) news and swept under the carpet — it’s time to get long FB stock now.
Admittedly, two weeks ago, the landscape in FB stock looked a bit less certain. Shares had been consolidating constructively within a flat base for a couple months when bears sliced some 4.50% off Facebook and in the process, damaged its technical prospects.
But then a funny thing happened, shares of Facebook failed to move lower. Not only that, FB almost immediately recaptured all of its losses and moved back inside the lateral base to form a bullish hammer reversal pattern on the weekly chart.
The Facebook stock price has moved marginally higher after confirming what we can now label as a shakeout pattern. As much and if you respect the power of mischievous price patterns and appreciate those nefarious Russian bears will soon be yesterday’s (fake) news and swept under the carpet — it’s time to get long FB stock now.
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