Wednesday, June 18, 2014

Facebook chart updated

Facebook (FB) daily chart ;
I see a potential ABC pattern, A being the first target, reaching a previous key level, then, price zooms back up, finds a resistance ( sort of), and attempts a break out ... Notice how that attempt is pretty weak right now.
Focus on that light blue circle, gut feeling says we have a "fake move", I see a probable blue arrow scenario taking place
Where are the great news to lift Facebook up ? If they do come out, expecting the red arrow scenario.
Am bearish in both cases ; high PE, huge price to sale, huge market cap ...
Let the scenario play out before taking positions ! (blue or red)

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