FB 108.01 – neutral – Ranges under the record high
FB rallied strongly from breaking above the 99.24/96.49 triangle resistance (July 20/September 21, 2015 weekly highs) to a new record high at 110.65 (November 2, 2015). Overbought indicators caution for pullbacks. While the 101.08 area (November 2, 2015 low) holds dips, scope remains for short-term bullish momentum to push the stock higher towards the 119.56 target (Fibonacci extension) next. However, a deeper than expected retreat below 101.08 would prolong the consolidation and shift the focus towards the 96.47 area (October 19, 2015 weekly) near the triangle resistance breakout point.
Outlook:
Daily: neutral
Weekly: bullish
FB rallied strongly from breaking above the 99.24/96.49 triangle resistance (July 20/September 21, 2015 weekly highs) to a new record high at 110.65 (November 2, 2015). Overbought indicators caution for pullbacks. While the 101.08 area (November 2, 2015 low) holds dips, scope remains for short-term bullish momentum to push the stock higher towards the 119.56 target (Fibonacci extension) next. However, a deeper than expected retreat below 101.08 would prolong the consolidation and shift the focus towards the 96.47 area (October 19, 2015 weekly) near the triangle resistance breakout point.
Outlook:
Daily: neutral
Weekly: bullish
