Facebook (FB) gapped lower back on November 2 from $127.17 to $122.00 after a worse than expected earnings report. After hitting $114.77 last Friday, FB is hot out of the gates in 2017 and back into that Gap Area (see shaded rectangle above).
Facebook has been trying to break its downtrend and it finally looks poised to do so.
The RSI and MACD indicators are in good position for a bullish move as well, with both trending up and a recent bullish crossover in the MACD.
If Facebook can continue its momentum in 2017, we could be looking at prices of $124.60 (127.2% Fib Extension) and then a full fill of the Gap Area to $127.17.
Facebook has been trying to break its downtrend and it finally looks poised to do so.
The RSI and MACD indicators are in good position for a bullish move as well, with both trending up and a recent bullish crossover in the MACD.
If Facebook can continue its momentum in 2017, we could be looking at prices of $124.60 (127.2% Fib Extension) and then a full fill of the Gap Area to $127.17.
