FB Update

Thus far today FB held our target area pullback from yesterday and looks like yesterday's quick head fake episode is over as FB is working to move back in line on the short term/intraday chats and remains in a very positive position on the more important longer term charts.

 Yesterday our downside pullback target for FB was the 60 min 22 bar m.a. which is a typical pullback after a move has started and seen a pullback or two to the 10 bar m.a. The red arrow shows where FB closed in relation to our target, 8 cents off! Now FB is tentatively moving higher with a nearly 2% gain on the day, it needs to break to a new high to see momentum pick up.


 Although I'd prefer a larger channel, the furthest I can go out is the 60 min Trend Channel which is one of my proprietary indicators that self adjusts to each stocks recent volatility and allows for consolidations, the channel held yesterday as FB did not violate the lower channel on a closing basis.

 The 1 min intraday from yesterday shows the triangle we suspected would see a head fake upside breakout (yellow box), then a positive divergence stabilized FB at a .33% loss on the day, excellent relative performance. This a.m. FB is in line.

The 5 min showing the probability was pretty good we'd see a head fake move on yesterday's bullish continuation triangle, then the relative positive divergence at the lows and Fb is now back in line with trade from June 8th, it just needs to shows us a little better underlying trade, but thus far is off to a good start.

As I mentioned to a member yesterday, every time I look at FB's 60 min chart I smile, it is one of the stronger positive divergences on an important timeframe we've seen recently.