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Has Facebook Bottomed?


The upmove in Facebook (FB) from the Sept 4 low at 17.55 to yesterday's high at 22.10 has the right look of a completed upleg in the aftermath of the smash from its May IPO high at 45.00 to the Sept low at 17.55.

What is important technically is that the upleg exhibits very bullish form, which leads me to the conclusion that Facebook is in a new bull phase, and that it established a major low on Sept 9.

It is with the foregoing in mind, that I look for an entry window for a new long position into any forthcoming weakness.

My initial buy window is 20.80/50, and then 20.10-19.90.

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