In yesterday's FB update (I know a lot of you have different positions there) I showed the most probable near term outcome was a constructive pullback.
FB is up a bit today, but it hasn't seen any underlying changes that would alter the analysis from yesterday, nor is there any price action that would alter the trends in place.
Here's an update of the charts as well as two potential stops for either a swing type trde and maybe an options trade.
1 min chart with yesterday's open still a likely head fake reversal pivot.
1 min chart intraday is starting to break off with FB's price.
The 3 min chart is the only place I can find a positive divergence for today's move higher off a triangle price consolidation this morning, this chart is now putting in a relative negative position.
The 5 min chart is leading negative at the probable head fake move on yesterday's open, the price/3C action is just 3C moving in line with price on an intraday basis.
The 15 min appears to have a relative positive divergence at the two white arrows, it doesn't. Price is higher at the second arrow and basic confirmation would mean 3C would have to make a higher low at the second low to even be in line, much less positive, the leading negative at the yellow breakout area is clearly negative.
The 30 min chart that was in near perfect confirmation on the move up is relative and then leading negative.
Even the 60 min which has shown perfect confirmation is for the first time since August, negative.
The X-over screen is advancing well, the highest probability pullback is still around the yellow 10-day m.a.
For a swing type stop, the daily Trend Channel is at the $19.75 area, which should lock in a profit, for a tighter stop...
The area would be around $21.50, if FB moves higher intraday this channel will continue to lock in gains and the stop will be higher.
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