I started to see the wedge pattern on Facebook recently. And it is one of the biggest in recent time.
As I believe the bigger the pattern, the larger it will move up or down (depending on the direction of the trend).
Although in the bigger picture (weekly chart), Facebook is on bullish trend. We should not discount the potential downward movement. The next couple trading days will be crucial to determine Facebook short term trend.
There has been some bad news that putting Facebook shares under pressure. So a breakout of the bottom trend line of the wedge will put Facebook on sideway movement.
However, I am expecting a rebound to continue forming the wedge pattern.
As I believe the bigger the pattern, the larger it will move up or down (depending on the direction of the trend).
Although in the bigger picture (weekly chart), Facebook is on bullish trend. We should not discount the potential downward movement. The next couple trading days will be crucial to determine Facebook short term trend.
There has been some bad news that putting Facebook shares under pressure. So a breakout of the bottom trend line of the wedge will put Facebook on sideway movement.
However, I am expecting a rebound to continue forming the wedge pattern.
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As you can see today Facebook has broken wedging pattern and unfortunately to the lower price level. What does it mean?
$267 will be the immediate support and fall below this price level will trigger a sell off to $258 as per Fibonacci retracement.
At this point I will not expect the price to rebound quickly, I will be caution as the the bigger the wedge pattern, the bigger the momentum to move upward or downward. In this case what I see is the short term bearish.
The next couple of days will be important to determine the direction of Facebook.
$267 will be the immediate support and fall below this price level will trigger a sell off to $258 as per Fibonacci retracement.
At this point I will not expect the price to rebound quickly, I will be caution as the the bigger the wedge pattern, the bigger the momentum to move upward or downward. In this case what I see is the short term bearish.
The next couple of days will be important to determine the direction of Facebook.