I'm going to go ahead and fill out the FB long today, actually as soon as I can and may even consider a Call position in the options model portfolio. FB is one of the few stocks that doesn't seem to draft the market, at least that's our experience on the last long position that went very well.
When we first noticed something bullish going on in FB again a few of us took some short term trades, but I had suspected that they'd be short term and FB would pullback to make a bigger base, something that will sustain a bigger move, that seems to be what is happening and I like what I see in this area.
On the daily we have a double bottom or "W" formation, over the years I've noticed that double bottoms do not do what Technical Analysis books say they should, which is to make a shallower second bottom, instead they make a deeper second bottom making the base look like a failure and setting up a bullish head fake move as well.
Intraday today, seems to be nothing going on right?
Apparently there is something going on, the 2 min chart looks like decent accumulation in to price weakness.
As does the 3 min
And the 5 min
And longer term, the important 15 min chart is at new all time highs for FB.
And on that, I'll fill out the Equity long ad may look at some calls.
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