Distribution is present. If $116 fails longs holding 16% risk
FB has been an exciting stock to trade. In April we saw signs of large profit taking confirming distribution into highs; however, bears were unable to break support. This allowed bulls to define prior resistance as support and suggest that bullish absorption of supply was present
The large buying volume that made new highs but became a failed rally is distribution and the 26 May re-test was on very little buying demand. This means FB will re-visit $116
The large buying volume that made new highs but became a failed rally is distribution and the 26 May re-test was on very little buying demand. This means FB will re-visit $116
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