Facebook trend turns bearish
Having looked at the Technology sector etf XLK yesterday, let’s look at a GoNoGo chart of one of the giants of the S&P 500, Facebook.
This is a daily chart of Facebook stock prices.
We see a trend change for the social media company with the GoNoGo Trend flagging a “NoGo” on the most recent bar. This tells us that our blend of technical concepts is bearish, for the first time since the rally started in April.
Preceding the trend change there was strong bearish divergence, where price continued to make higher highs while the GoNoGo Oscillator made lower highs. Eventually, momentum turned negative, causing the Oscillator to break into negative territory. This has now been confirmed by the GoNoGo Trend’s “NoGo”.
This is a daily chart of Facebook stock prices.
We see a trend change for the social media company with the GoNoGo Trend flagging a “NoGo” on the most recent bar. This tells us that our blend of technical concepts is bearish, for the first time since the rally started in April.
Preceding the trend change there was strong bearish divergence, where price continued to make higher highs while the GoNoGo Oscillator made lower highs. Eventually, momentum turned negative, causing the Oscillator to break into negative territory. This has now been confirmed by the GoNoGo Trend’s “NoGo”.
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