Facebook, about to blow?Today we examine Facebook.
Long time uptrend is our extended lower(green) line. Over the past few months shorts have had their way bringing it down.
The purple line is a different color because it seems to be the area price action reacts to, and it creates this nice little ascending triangle(bullish) if we examine the shape.
Lets note 2 dates and ill explain why.
Oct. 29th
Nov. 4th
We see volume spikes on these days as price action crosses over the purple line both of these dates.
We crossed back over the purple line this week with conviction (imo.)
We see price action in a broader symmetrical triangle of sorts with the (green) resistance lines.
Looking up institutional ownership we dont see much out flow with some decent inflow.
Price action seems to be tightening up, selling volume decreasing, buying volume increasing
If Facebook can clear this whole pattern, we can see new highs
Personal end of year price target: $300
Good luck all, Happy trading!!
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