FB continues to trade in a downward sloping broadening wedge. We were looking to see if the support at $27 would hold, but it is becoming more clear that the wedge is the more prominent pattern, rather than the well defined SAR levels of 30,27,25. There's some bullish signs in that these patterns usually breakout to the upside and we're seeing falling volume as this pattern progresses...so it's typical of such a pattern. In addition, several technical indicators are showing bullish divergence so this stock is worth keeping an eye on. The technical guys are eyeing the $25 level as an entry point....or after a breakout from the wedge. I've put up the charts on stockineer but I wanted to give you guys the summary here and what to look for in the next week of trading. This stock has traded entirely technically so it's worth following what the technical guys are seeing. Good luck guys and trade wisely.
There is skads of confluence at the 25 level, can't argue there. I would love for it to go there, I'm sure everybody would because then they get a better price on something they are ultimately going to buy. I think since everybody wants to buy that it stops dropping right here as panic about missing the bottom starts to set in and people opt to buy now instead of waiting for one more point down.
That's very possible. Keep an eye on some of the oscillators...stochastics, CCI and RSI for a clue. They could signal the buy in conjunction with a bullish candle. I wouldn't trade on oscillators alone.
I'm just giving the summary for people to discuss here. We've got folks over there already talking this over, but more minds are better than one so I've put the main points here...because there's a much larger audience here. The purpose is for people to understand the price movements because it sucks to lose money. The big money is always jerking around the little guys, but we have some tools to play along with them. If I have some information that may be useful, I'm looking to share it wherever I can.