Facebook (FB) Review FREE Ichimoku analysis for July 30th 2018

Mnthly - The Kijun Sen (pink line) at $163 is crucial support, as always on monthly charts. If the market closes below, and in a bearish manner, we could see FB sell off substantially, down to perhaps $105. Notice the KS held as support 3-4 months ago. Watch that support near $150 (previous swing low) if KS is breached.

Weekly - The close last week within the cloud is not good. The cloud is no man's land, a trendless area, in big picture terms, so a distinct change of character. Last week was an extreme candle and we don't tend to see strong follow through after extremes, so we could see an attempted bounce to the top of the cloud or the KS at 170-180. Also, watch the bottom of the cloud as support if tested.

Daily - Obviously a huge gap down but now trading below the cloud for a bear market in all three time frames ( trading below each of the Ichimoku indicators - TS, KS and Cloud). Continue to watch the bottom of the cloud as resistance on any bounce. If FB trades back within the cloud in a bullish manner, we could see a bounce to KS resistance at 192.
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