I like buying FB Facebook here technically for the first time in at least 6 months. The following below are important to my thesis
I bought today at 138.75 and have stops at 133 and targets up near 155
One can add over 140.83, yesterday’s lows and then also press above 145.58 for move to mid-150s
Counter-trend BUYS.. using Demark are here today
Stock near bottom of its trend channel
Time cycles suggest lows are here based on symmetry to former high to low and low to low
Fibonacci retrace from 2012 right at 38.2%
Bearish sentiment getting extreme as bad news happening today and guys like Jim Cramer said being below 140 was problematic and he owned some in his trust and didn’t know what he would do (Live on CNBC this morning – pre open)
Volume was heavier two weeks ago on stabilization attempt than this week
FB- near bottom of its channel while Demark buys are present and lining up today for possible downside exhaustion.
TIME studies suggest lows should be here by next week at maximum and good bounce
Decline from July til now is half of the former low to low.
This former low at 3/26 til next Monday 11/19 is also nearly exactly HALF of the prior Low to low
These kinds of relationships are normally very important timing wise towards thinking lows could be at hand
FB- Monthly – 38.2% Fib on FB and four of five down months. This should be very close to area that bottoms and helps this bounce to at least 155
Weekly FB chart remains a mess.. Under long-term uptrend.. but see that volume was heavier two weeks ago.
Expect that this can stabilize at a time that everyone seems to be turning against it.