Short
FACEBOOK! it aint pretty
Welcome to this quick TA on Faecbook
Quick look on the following indicators:
- MACD appears to be rolling over (bearish)
- ADX momentum coming in (>20), DI- crossing over (bearish)
- MA downward crossover (bearish)
We observe a large channel in formation indicating a commencement of a downtrend, with lower high printed at the big even of $200. Failing at this level, we see that an accurate pullback in accordance to a 50% Fib retracement to $160. The latest candle however seems weak bearish action given the length of the wick, regardless this may be indicative of a dead cat bounce at the expected 50% Fib range. We may see a short term recovery, but the next level target in the coming months would range around the $150 level / 200MA / 38% Fib range.
However, if we do see a clear breakout to the upside from the 100MA (in orange), price may retest the upper band of the descending channel.
Quick look on the following indicators:
- MACD appears to be rolling over (bearish)
- ADX momentum coming in (>20), DI- crossing over (bearish)
- MA downward crossover (bearish)
We observe a large channel in formation indicating a commencement of a downtrend, with lower high printed at the big even of $200. Failing at this level, we see that an accurate pullback in accordance to a 50% Fib retracement to $160. The latest candle however seems weak bearish action given the length of the wick, regardless this may be indicative of a dead cat bounce at the expected 50% Fib range. We may see a short term recovery, but the next level target in the coming months would range around the $150 level / 200MA / 38% Fib range.
However, if we do see a clear breakout to the upside from the 100MA (in orange), price may retest the upper band of the descending channel.
Note
Not sure if orchestrated with a Libra announcement or pure technicals.... regardless, facebook probably already knew it =P
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.