FB wedge forming going into earnings
Updated
FB looking to move higher out of the wedge before it's earnings. Going against the downward trend here as it usually does a V shape bounce, instead it is taking its time to move higher. Thinking it could be a lack of buyers buying the lower dips... Price target would be 315, granted it moves out of the wedge. I would be cautious at any bounce because it is below a heavy volume profile at this range; 320 -340 are the massive resistance to watch. I personally think it could go 220s long term. They are transitioning to a different market, as well as cutting massive profit margins in products like oculus. Long term this is good to capture market share and customers but short term you have to watch the post earnings dip.
Note
down 15% AH...
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