FB Update

I think it was just yesterday we were talking about FB entering an area where a pullback was likely and so long as a pullback is healthy, it's a good thing. I don't mean to rule out a consolidation pattern either.

 The area of resistance mentioned in yesterday's update...

 The X-Over Screen is still all 3 long and a pullback to the 22 ma which is typical after the first move to the yellow 10.

 The 1 min went relative negative on the open, but it has gone leading positive since in the afternoon today.

 The 3 min with confirmation, a relative negative on the open and another leading move in the afternoon.

And the same thing on the 5 min.

Just like I doubted the first move in FB as not having enough base support to do too much, I also think these positives in FB are not going to send it higher immediately, but it's not pulling back much here wither and that's where we'd see strength build in, I'd suspect FB is going to consolidate and we'll have some choppy action, probably a price pattern, but I doubt that will matter on a head fake as the stock is so hated, but it may offer some opportunities to add/build a position.

We'll see what it does, but usually we'd get a decent pullback and then accumulation in to price weakness, it's already showing positive divergences, so I think a lateral consolidation is more likely.