Here's yesterday's update for FB, note the head fake expectations on the bearish descending wedge.
The second set of July $25 calls are in the money now.
FB's bearish descending wedge consolidation/continuation pattern after an extended downtrend, this is what bears were looking for to short, ultimately it looks like it is turning in to the bear trap we expected.
The 2 min chart in a strong leading positive divergence
The 5 min chart over the course of the descending triangle with a large leading divergence today alone, price responded.
The longer view-this 60 min positive divergence after nearly 2 weeks of trend confirmation suggests this will be quite a large move.
I'd like to use a wider Trend Channel than 60 min, but there's not enough history in FB for anything wider at this point, the current sop is just under $26, avoid whole number stops.
It looks like FB is coming together, this should be interesting.
Is interest rates about to start going up?
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Yes, I know - it does not make any sense - FED is about to cut
rates...but....real world interest rates are not always what FED wants it
to be.
5 years ago
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