December 31, 2013
- First chart shows bearish engulfing pattern in daily chart. First pattern shown in the chart did not do well. Current Bearish engulfing pattern may do well only if price starts to trade below the GAP in daily chart.
- There is also a possibility of a broadening pattern which will look good once price starts to trade below 86.68 on closing basis.
- Daily chart shows negative divergence price yet to confirm any weakness though.
- FACEBOOK Chart update
- Facebook weekly candle shows perfect price action for bears followed by the bearish weekly candle of last week. Now Bears need to takeout 52.91 level which was the low of a previous weekly candle.
- Daily chart too is approaching crucial support levels like 20 Day sma and 38.2% Fib level which has to be broken on closing basis for a bigger fall to happen.