Facebook, about to blow?

2020年12月8日

Today we examine Facebook.

Long time uptrend is our extended lower(green) line. Over the past few months shorts have had their way bringing it down.
The purple line is a different color because it seems to be the area price action reacts to, and it creates this nice little ascending triangle(bullish) if we examine the shape.

Lets note 2 dates and ill explain why.

Oct. 29th
Nov. 4th

We see volume spikes on these days as price action crosses over the purple line both of these dates.
We crossed back over the purple line this week with conviction (imo.)
We see price action in a broader symmetrical triangle of sorts with the (green) resistance lines.

Looking up institutional ownership we dont see much out flow with some decent inflow.

Price action seems to be tightening up, selling volume decreasing, buying volume increasing

If Facebook can clear this whole pattern, we can see new highs

Personal end of year price target: $300

Good luck all, Happy trading!!

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