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Is Technical Set-Up Conveying A Message About Facebook?


Based on my interpretation of the technical set-up (and downside vulnerability) in Facebook, Inc. (FB) heading into earnings, my sense is that the company will have to report much better than expected numbers for a sustainable rally to emerge.

Very heavy and formidable resistance hovers between 63.50 and 64.00 (Blue Circle see on chart below), which must be hurdled and sustained to trigger strong upside traction.

Otherwise, my sense is that FB still has some unfinished, downside, corrective business to take care of that will press the stock into the 53.50 to 52.00 target zone to complete a larger correction that is unfolding off of the Mar 11 high at 72.72.

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