June 29, 2013

  • Price closed below 200 Day SMA. Price may attempt a partial filling of the GAP which is likely to end at or near 200 Day SMA.
  • Weekly chart closed below the cloud which is negative the long term trend for the stock.
  • Weekly chart also shows  a triangle breakdown which is likely to take price towards 7.29 levels in the medium term.
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  • Facebook daily and One hour chart shows price nearing resistance level at 25.
  • Price also near 38.2% Fib level.
  • Bulls of FB need a close above these levels for a bigger up move to happen.



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My Favourite Quote

"All through time, people have basically acted and reacted the same way in the market as a result of: greed, fear, ignorance, and hope. That is why the numerical formations and patterns recur on a constant basis."
—Jesse Livermore