E Chart Of The Day- Facebook

Take a look at Facebook here.

While this is trend channel support zone as well as near the 200 day moving average (not shown) which in normal times tends to act as a good place for a long side entry, understand we are smack dab into that world's greatest reality show season finale right around the corner. Therefore we'll pass on this support zone to use as a long side entry for the time being. Now should the stock decide to work higher from here anyway?

Why is the $127 resistance zone so special? Take a look at the chart below. 

That all said, even if at some point in the coming weeks FB bounces there is a pretty serious amount of resistance at the $127 zone which could set up a short sell. Let's not put the cart in front of the horse just yet, though, we need to see IF it gets there first.
Hope this helps.

Disclosure: None.

How did you like this article? Let us know so we can better customize your reading experience. Users' ratings are only visible to themselves.

Comments

Leave a comment to automatically be entered into our contest to win a free Echo Show.