I'm honestly surprised FB has come this far, for a company that saps productivity of humanity. Looking at longer term RSI and stochastic oscillators, I'm seeing bearish divergence patterns while price has been making higher highs, indicating that volume is not supporting price action. Weekly and monthly charts suggest support around $116 level, which is where my short term price target lies. With regards to potential upside risk, I am seeing the possibility of $218 based on a 2.168 Fib extension from the modest pullback in March. FB reports earnings tomorrow July 25th after-hours, and I believe probability from trading action favors a sell off. Of course, if FB follows some of the other tech companies this quarter and recognizes its deferred revenue balances from advertising and cloud services contracts, we may see a rather impressive EPS beat.
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$218 close today... let’s see how after-hours fares...
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Those who have joined on this trade, I hope you enjoy your profits! :)
