FB Update

Last Friday's FB update showed a couple of things 1) the pullback or consolidation I was looking for in FB and positive divergences building in to that area which is what I hoped to see to enter a new FB long, but on some consolidation.

Lets take a look today as FB is definitely in an interesting spot...

 A large FB ascending Triangle, it is ironic because the lower support line of the triangle is where I expected FB to pullback to.

 Today intraday on the 60 min chart FB is up 3+% from Friday. The real move in FB is a breakout above resistance shown above.

 Normally in a market environment (generally speaking) like this, I'd expect a false breakout and then a deeper pullback and then after gathering some strength on the pullback, a breakout. This is a hard call to make because the technical price pattern is so obvious, yet there are still so many FB haters out there.

 Intraday FB seems to be rounding over to pullback or consolidate.

 The 60 min chart has improved in FB and I might consider taking a long position or partial position in FB without any leverage until this becomes more clear.

 The 15 min chart also shows improvement as FB consolidated sideways through time rather than a pullback through price-either works.

 Intraday the 2 min chart is leading negative, looking like FB will indeed pullback from these highs today, depending on if it does and what the pullback looks like, I may decide to enter a long, non-leveraged position in FB.

 The 3 min chart is seeing migration of the weakness coming from the 2 min.

As is the 5 min. So now it's time to be [patient, see if FB pulls back and see if we get some positive divergences that suggest FB is getting ready to make a run for a stage 2 breakout-this is where you generally find the juicy trend.

Keep FB on your radar, it's getting interesting...