FB Ready to Soar Past the Psychological Resistance on Robust EPSFacebook's earnings rose by 48 per cent from a year earlier, causing the company's share price to explode by more than 7 per cent in the pre-open hours.
It has recently broken out above the upper boundary of the Ascending Wedge, which signifies the strong bullish sentiment in the market.
The uptrend was resumed after a minor throwback to the Wedge from above, and the price has broken out above the psychologically significant resistance level at 300.00 since then.
Notice that it is currently consolidating above this major make-it-or-break-it point, which is converging with the 20-day MA (in red). Given the record-breaking earnings data from yesterday, Facebook's rally is more than likely to be extended further into uncharted territory next.
