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Facebook, Inc. (FB) Message Board

  • stockineer stockineer Mar 16, 2013 11:58 AM Flag

    FB TECHNICALS

    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.

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