FB - The bears would a have a very tough fight here.

24 апр. 2020 г.

There are a few things to consider when we analyses this chart. Some of them are good, and some not.
The good side: FB respected a very strong support, the U$ 168 – U$ 171 price region, which consists of 1 – Support, from previous top (blue line); 2 – Support from the bullish trendline (purple line); 3 – 38.2% fib retracement 4 – 21 EMA support. Now the prices are working above the U$ 181.38 (orange line), which now could serve as a support, given the polarity inversion. The volume is increasing, and it seems it is going to seek the U$ 197.26. That’s very good.
But we should be aware of a few things.
The bad side: The price is close to the U$ 187.55, the 61.8% fib retracement and is close to the 21 ema (weekly chart). These points may serve as a resistance and sink the prices down.
Any bearish movement should be considered as a simple, healthy, correction, unless it loses the 4 supports mentioned above.
The bears have a clear reason to show up, but they will have a tough fight here. In the end, the bulls seems to have the upper hand, but that doesn’t mean it is time to buy now. If you are out, like me, should wait for a correction.
That’s my opinion, hope it helps, and if you agree, remember to like the idea.
Thank you.