CLICK ON CHART TO ENLARGE
Facebook has been in the news of late, unfortunately for the bulls, its been mostly negative. Could this situation be creating an opportunity? The Power of the Patterns believes it has.
Facebook has experienced one of its sharper declines in its short history, since the highs in January. The decline brought it down to rising support line (1) and its 23% Fibonacci retracement level of the 2012 lows/2018 highs at (2).
While testing this dual support point, FB last week looks to have created a bullish reversal pattern and as of yesterdays close, it looks to be attempting to create another bullish reversal pattern this week at support.
Full Disclosure- Members bought FB as it was testing dual support at (2) and placed a stop, just below the dual support in case it doesn’t hold.