Facebook [FB] in a good position to go up
Speculative view on Short term Facebook stock trade. The current setup
- Most major point: ACC/DIST, RSI, DMI, Stock, MACD - all set up to go higher being on low positions.
- Today trading price went above 100DMA
- Price within the weekly/monthly up-trend [green lines], but on the lowest end of the range
- Recent trend change coupled with wave prediction tells that the next wave should go up, and it may go to the previous [supposedly] wave top [2]
- Apart from the wave formation the recent bottom points form a good reverse head and shoulders pattern - potential upside from here again at 68-70.
There is an earnings report coming up in 2 days, it can be the perfect catalyst to get the price higher and make the picture whole. price of 70 to the current 61 gives a 13% upside what is perfectly doable given the ER is good. 70 was the previous resistance then support. Reaching that point will give floor for the next run up [possibly to 100]
PS - This goes in line with the possible outcome of the markets having a new top in May and then falling back a bit.
*chart was drawn on top of one of Tim West's charts
- Most major point: ACC/DIST, RSI, DMI, Stock, MACD - all set up to go higher being on low positions.
- Today trading price went above 100DMA
- Price within the weekly/monthly up-trend [green lines], but on the lowest end of the range
- Recent trend change coupled with wave prediction tells that the next wave should go up, and it may go to the previous [supposedly] wave top [2]
- Apart from the wave formation the recent bottom points form a good reverse head and shoulders pattern - potential upside from here again at 68-70.
There is an earnings report coming up in 2 days, it can be the perfect catalyst to get the price higher and make the picture whole. price of 70 to the current 61 gives a 13% upside what is perfectly doable given the ER is good. 70 was the previous resistance then support. Reaching that point will give floor for the next run up [possibly to 100]
PS - This goes in line with the possible outcome of the markets having a new top in May and then falling back a bit.
*chart was drawn on top of one of Tim West's charts
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