Consolidation is right. But when you consider the market is going to rocket higher when the cliff is settled and we are entering the strongest qtr for tech stocks the path of least resistance for FB and all tech is up up up.
fair last week, we closed at 28, this week 27.50. Lets see close by next Friday.
FB is over bought, if technical trading were 100% accurate, wouldnt everyone be buying FB.
There are plenty of more sophisticated traders than us. Also, I could argue that a resolution of the "fiscal cliff" is priced into the market, and may sell off on the news. Sell off the news, hmmm could be a new concept. Resolving the fiscal cliff will still lead to higher taxes for the 2% so they will actually sell as much as they can this year to get a better tax rate.
I will go ahead and say we should be lower by next friday, based on news, etc. Lets see if the market is based on technicals or news.
Also if GOOG buys GRPN, will this be a negative for FB.
I'm not going to try and convince anyone who does not see a classic ascending triangle. Consecutive lower volume days since end go November with higher lows and lower highs. Classic Ascending triangle. Lets agree to revisit this topic in a week. FB going up.