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FB is at 61.8 fibonacci support levels, under 200 day ema
Updated
Not sure what to do with FB now, as it is at 61.8 fibonacci retracement level, but under 200-day EMA.
RSI dropped significantly, but still not oversold. MACD also entering downside.
If it closes above 200-day ema levels in the next few days, the bull thesis may still be valid. However, RSI and MACD are in negative category, which may signal further drop after market opens today. We will see.
Overall, still short.
RSI dropped significantly, but still not oversold. MACD also entering downside.
If it closes above 200-day ema levels in the next few days, the bull thesis may still be valid. However, RSI and MACD are in negative category, which may signal further drop after market opens today. We will see.
Overall, still short.
Note
FB continues to flop as NASDAQ goes down, next support level to watch is $164.Note
Trade active
Continues to remain valid. FB continues in a downward channel.
Testing 20EMA resistance today but still within channel resistance.
If it can break upwards might but a small bullish signal, but so far higher probability to continue the trend.
Trade closed: target reached
Almost played out completely within the channel.
Amazingly the RSI almost entered oversold territories 3 times but all 3 times got rejected - the market really does not welcome a reversal trend
No reason to think that there will be reversal, depending on the extent of wave 5 play out
As it continues to form lower lows and lower highs, look like we will still be in the channel for next couple of days, approaching lower lows may even hit $135 or $130 before reversal signal. Will close within these ranges and wait for further trend indicators.
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