Facebook FB Daily Time At Price Trend Analysis and Forecast

Facebook is detaching from a 7-day mode with today's action, marking today as day 1. The chart shows how the trends unfolded into the decline two weeks ago and how FB held an important 17-day mode of support from the rally phase back in Jan-March.

It is interesting to note how a stock distributes and how it accumulates and how it shows on the graph. In this case, FB failed to decline by the appropriate amount into the low recently, which means that there were ample buyers at that level standing ready to purchase shares and there were NOT enough sellers to drive it to that level. The market will always go to where the most orders will fill (from my observation of the markets over 31 years).

Keep in mind that 73-74 is also the equivalent level of SUPPLY for Facebook where there are so many sellers that were standing ready to unload that the price never made it there. So, don't expect a new high to be greeted by a blast off, but rather expect another correction from a new high, if we get there.

For now, look for 7 days of rally with today being day 1. The price target is for reference. The stop is under the mode where the 7 is labeled.