FB double top within double top - buyers beware

81 5 3
First of all I rarely short, but FB             appears to me to be making a double top (16-10-25 to 17-2-2) with a smaller double top (17-1-26 to current date). This smaller double top comes with RSI convergence and break of the regression trend line . Additionally, FB             is retesting the lower trend line of a rising wedge .

While I don't see FB             dropping to $100 anytime soon. I could easily see lots of reasons either lighten some long positions are go short. In my case, since i don't have any long position in it and that i feel sentiment toward FB             has been dropping for awhile (neither my friends or I waste our time on it anymore), I will take a small short.

Looking to short at 132.8 and 130.3 with stop around 133.5 and price targets 127 and 125 and 120.
SR618, If the break out holds today my opinion is I would close any short position on FB. (I currently have a long position but no short position). FB should keep trending higher to maybe 142 or so if it holds today. I would wait until the end of the day to see if it holds. If break out does not hold then the short can be held and see what happens the next few days for market break out or break down. Good Luck
SR618 Risky-Business
@Risky-Business, your long looking good. I'm glad u talked me out of the short. lol
@SR618, Oh good I'm glad you're out of the short position! FB is my number one long position. If I were you I would consider add ing a long term position on FB and not touch it for maybe a year or two because the revenue growth is still in the very early stages of growth and this stock could double from current levels in that time frame. Also consider a 3 for 1 split is likely to be announced in a not to distant earnings report. Maybe may or August. I would consider long term LEAPS calls if you are not an agile trader. FB is a winner don't overlook it. Remember a short term pull back is always possible but the overall stock trend will likely follow the exceptionally strong revenue growth upwards. GOOD LUCK!
SR618, Good post but if you and your friends don't like it might mean it is time to buy as a contrarian viewpoint. In my opinion it is a 50-50 trade because if the market rolls over it's going down with the market. If the market stages an upward bias FB will have one of the largest moves up because it is one of the fastest growing stocks with real solid revenue growth. Granted we are a long way from the next Earnings report. Everybody is waiting to buy FB right now. Can they buy it lower? They are waiting to see if the market rolls over IMO. This stock should be much higher right now. But if the market rolls over for example check SPX rising wedge with divergence . SPX could still break out to the upside, it seems everybody including me is suspecting a market correction.
SR618 Risky-Business
@Risky-Business, Good points. After looking at its EPS and Rev, i would have to agree you about it being a 50-50 trade. Always appreciate any comments. . .
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