FB Daily Chart

We are considering FB stock in the last moves of his upside momentum and do not intend on initiating any long positions.

In this chart, FB has formed a bullish channel that has 2 immediate upside targets:

  1. previous high or the 76% extension level at $118.80
  2. 100% extension level at $127.80.

As long as the market continues its upside momentum and holds these levels, FB might reach those two targets in the coming days or week. If the downward channel is broken than it will suggest bearish signals and will open the $90 downside target for $FB.

Trade Setup:

Enter Long in current levels

Stop Loss = 104.39

Target 1 = 115.50

Target 2 = 117.00

Target 3 = 118.00

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