FB Update

Our longer term long in FB as it builds a base is looking good, yesterday I said I thought the pullback was ending, today we have more confirmation as the Twitter crowd shorts FB, last time that happened FB was the most hated stock and we had members making 200% on call options.

 The FB basing area, much larger than our last long position so it should sustain a bigger move to the upside. The red arrow shows the most recent pullback and the white arrow is what I believe to be the end of that pullback, making this an interesting area to start building a long position in FB or perhaps adding to an existing position if that was part of your risk management plan when you entered the trade.

 The intraday 3 min is positive all this week with the price momentum on the downside failing yesterday and today.

 The 5 min chart is in a large leading positive divergence, especially at the last 2 days.

 The 10 min chart showing the pullback and positive divergence this week.

 The 15 min chart doing the same, note it is in a much better overall leading positive position to start with.

Finally the 30 min chart, I do think there could be a little more lateral consolidation, but all in all, this looks as good as any place to consider FB long.