FB is in a Precarious Technical Position Ahead of Earnings

FAANG Focus: FB-- one look at my attached Weekly Chart should leave little doubt that tomorrow eve's (10/30/18) Earnings Report-- and investor reaction- has the potential to make or break (literally) the dominant uptrend in FB off of its 2012 low from the vicinity of 17.55!

As we speak, FB is probing its dominant up trenldine at 144, and probably will hold that level into tomorrow night's report, when the reaction of investors will trigger a violent move either to the upside towards 165-175 or to the downside towards 115-110.

In that the weakness in FB off of its 219.00 all-time high hit on 7/25/18 in the aftermath of its prior earnings report has been confirmed by my Weekly Momentum indicators, my bias is for EITHER a knee-jerk upside pop followed by a vicious sell-the-news downside reversal, OR a negative reaction from the get-go, followed by a down-spike to 115-110. Last is 143.93/97

10 29 18 FB Week GIF
10 29 18 FB Week GIF

  • Action-Oriented Trade Set-Ups in Stocks & ETFs
  • Macro Analysis of the Broader Markets
  • Detailed Technical Guidance for each Trading Idea
  • Live Interaction w/ Mike & Our Member Community
  • And Much, Much More!
Join Now! - Special Offer!
Veteran Wall Street analyst and financial author, Mike provides detailed and timely analysis and trade set-ups on a range of markets. Read more...

Have Mike's “Out Front” morning analysis delivered FREE to your email inbox twice weekly!