Is FB Loading Up for Thrust to New Highs?
My big-picture pattern work in Facebook, Inc. (FB) suggests strongly that the stock is in a high-level digestion period prior to another upleg that should propel the stock above 41.00.
My intermediate-momentum gauge (RSI) has worked off its acute overbought condition in the aftermath of a violent earnings up-spike in momentum July 24.
Usually, acute momentum thrusts have tailwinds that propel prices considerably higher, which my work tells me IS the case with FB now.
As long as FB remains above 38.00, I want to have a partial long position in this name.