I've been trading stocks for a long time. FB is forming a classic consolidated ascending triangle. This stock is going to $33 fast, probably within 7 days. I'm not trying to pump FB, I just wanted to share my observation with anyone interested in making money.
My take is it is not exactly an ascending triange. It is not exactly a coil either.
It is more bouncing between 27 and 28 centering around 27.50 for now. Some chartist may call it consolidation period...
But this is not a regular consolidation. It has strong daily volume. A tug of war between bulls and bears.
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.