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Major buy point at 280 for FB
FB has formed a bull pennant, but it's also coming into 3 huge long term Fibonacci levels represented by the white arrow: 1) 1.618 from March 2020 correction, 2) 1.618 from the July 2018 correction, and 3) .618 from the August 2020 correction.
If it breaks the 280 level, holds/retests and resumes up, go long.
Potential profit targets: look for resistance at 305 (all-time high) then 314. If it breaks those, look for 365 as next major resistance.
Tight stop loss (represented by the pink arrow) is 262 as it would be failing to hold .618 retracement from recent Sep to Nov upward move.
More loose stop loss is 243 (breaking double bottom from Sep 2020 low) which is 8% loss from today's price.
If it breaks the 280 level, holds/retests and resumes up, go long.
Potential profit targets: look for resistance at 305 (all-time high) then 314. If it breaks those, look for 365 as next major resistance.
Tight stop loss (represented by the pink arrow) is 262 as it would be failing to hold .618 retracement from recent Sep to Nov upward move.
More loose stop loss is 243 (breaking double bottom from Sep 2020 low) which is 8% loss from today's price.
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