FB Bear Flag after Double Top
FB appears to be consolidating in a small bear flag pattern after the double top neckline break. A few days of sideways action to consolidate inside the BB before breaking the 78 support would give me more confidence in taking the trade to the downside. With the double top's height it still hasn't reached its projected move of ~4.80 or ~76.
Entry: 77.98
Stop: High of candle previous to the break candle or current short term resistance at the yellow line
1st Profit Target: 76.04
2nd Profit Target: 73.82 (previous major support)
*Be wary of the price action around the 200sma
This trade could also be taken with a break of the neckline to the upside in a similar manner. Hence the neutral bias despite the bearish analysis.
Entry: 77.98
Stop: High of candle previous to the break candle or current short term resistance at the yellow line
1st Profit Target: 76.04
2nd Profit Target: 73.82 (previous major support)
*Be wary of the price action around the 200sma
This trade could also be taken with a break of the neckline to the upside in a similar manner. Hence the neutral bias despite the bearish analysis.
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