FB Update

The market's most hated stock?

Here's the update for FB which looks like a consolidation, my guess is unless we get some support from the market, FB will pull back from this consolidation.

 Intraday symmetrical consolidation/continuation triangle, the price pattern has no inherent bias other than the preceding trend which was up, volume has dropped off. Obvious price patterns like this always stand a good chance of seeing some head fake type action.

 The 30 min chart with the bearish descending triangle, head faked with a move lower then a move above what appears to be an inverse H&S pattern. The current intraday consolidation is barely perceptible on this chart, but its there.

 1 min from Friday's positive divergence in the afternoon, the open was negative, but only slightly, the 3C trade since then seems pretty normal for a small consolidation like this, not much to read in to there.

 The 2 min was also negative on the open, then in line with price, now slightly negative, but these consolidations often give some whacky signals on short term charts.


 The 5 min is where I have more concern regarding a pullback.

 However the longer term trends on the 15 min + charts remain intact. The 15 went from downside price confirmation to a leading positive divergence.

 The 30 min put in a couple of positive divergences and then went leading positive and that's strong for this timeframe.

 The 60 min confirmed the downside and since has gone leading positive, this is the strongest intermediate trend signal, still suggesting FB will make a decent move higher.

The X-Over screen for preventing false crossovers worked great on 5/31-6/1 calling that a false cross-over, the crossover on the 6th saw confirmation in all 3 windows including the custom indicator in the middle window. Pullbacks have been to the 22 bar 30 min chart area, that's what I would expect if we get one.

The 60 min Trend Channel has held the move well so far and keeps locking in gains, even though we haven't seen a huge move yet, it was just below $26 last week and now around $26.80, a nice move would send the channel up quickly, but for now it's wide enough to accommodate consolidations.

Still sticking with the FB calls.