Facebook Stock Price Nearing Upper Price Target (FB)

Facebook stock (FB) is, quite frankly, a powerhouse. That’s what I believe…

But, in this game of investing, I’ve come to realize it’s not a profitable endeavor to invest in what you believe. It’s very powerful to invest in what you SEE.

So what am I seeing in $FB right now? Well, Facebook stock is nearing an important price target based on chart price patterns and math:

  • AB=CD in price and time.
  • BUTTERFLY SELL pattern.
  • Bearish Divergence
  • Sell patterns hit, but an upper price target of 116’ish is out there.

For further reference, feel free to read my prior work on Facebook (FB):  Gonna Watch 108 and 113 on FB (July) and Facebook Post Q3 Earnings Look (November).

Sign up for our FREE newsletter
and receive our best trading ideas and research



Below is one of the Facebook charts that I shared in my recent Q3 earnings post:

 

facebook stock price target higher chart november 12

With Facebook stock price touching up near $110 yesterday, the sell pattern levels that have been on my radar for a while have been hit.

So, IF this is your first time reading my blogs OR you are a follower THEN you realize it’s time for the IF-THEN PATTERN play:

  • IF $FB finds resistance in this 108-113 price area THEN expect a potentially ‘big’ correction into the low 70’s. (Do the math, that’s a 30 percent correction).
  • IF $FB blows thru these targets with strength THEN WATCH $116!

From a RISK perspective, this IS a very bullish chart but entering at current levels is too adverse for me. I’ll pass and look for a harmonic, balanced and square root based correction to get long. So let’s try to figure out where that might be.

 

        continue reading on the next page…