FB headed for 150 USD then likely to correct 10-15%

Short term bull until this move with FB and QQQ finishes. Possible profit taking and strong resistance around diagonal support line 1 could keep the price in zone 1 (red circle). Lines 2 and 3 currently offer support. Should see a typical 10-15% sell off this would send FB back down to zones 2 and 3, with support at lines 4 (black) and X (red). The 100 day moving average is also approaching support line x from zone 4. Lets look for the RSI to dip back down under 70 to signal the top. Then its time to get short, sell or prepare to buy more
Just wondering what you think would happen if they finally announce the date of their approved 3 for 1 split on earnings, how the stock will react and how would you take that into your overall strategy? How would that affect your short strategy?
FOMONOMO Risky-Business
@Risky-Business, Its a great question since we are approaching that psychological level of 150. How does 50 dollar FB stock sound? However, nothing has been announced yet. I suspect "buy the rumor and sell the news" will apply to the split announcement. Perhaps the rise we are seeing now is pricing this in. As with most splits of popular companies, I suspect we might see a sell off after the announcement, in which case I will be looking for areas to rebuy. Personally I am not shorting FB at this point, but I would consider taking some off the table
@JustinCaravaggio, @JustinCaravaggio, Who knows? It might not split this earnings report but it is due within the next few earnings reports. FB at 50 sounds good to me with triple the shares. I think it will vault higher several points to a new level if there is a split. I'm tempted to take profit but my hunch is that if it does trade lower its not going down too far. I think the risk is to the upside. Every chart reader can see its currently at the top of the channel. Most times it does the opposite of what everyone thinks. Have you seen this other perspective?
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