Whether or not you like us changing the Facebook name into a gerund, we think you’ll appreciate our findings on one of the world’s most recognized and used social media platforms. For almost 3.5 years, Facebook (FB) has been listed on the Nasdaq. Since its debut, this social media stock has appreciated over 120%. And with their earnings release coming up on November 4, we’re sure many will be focusing on this familiar name. We think investors should be paying attention right now.
Looking at the weekly chart, we can see the steady trend Facebook has been in since 2012. We also notice that yesterday’s big move in price carried significance on this timeframe.
Looking closer at the daily chart and getting tactical, we notice that price has broken out from an area of previous resistance to record new highs. This breakout defines our risk.
We’re only interested in being long FB above 98.00. Below that, we’re not interested. Because we like to keep an open mind, we’ll consider going short FB if it breaks down below 98.00. Why? Because from false moves come fast moves. We’re always ready to be on the right side of the trade.
Until next time, enjoy your Facebooking.
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