Another FB Call
by Mike Paulenoff
March 6, 2015 • 6:58 PM EST
Mike added FB as a short-term trade set-up on Monday this week at 79.40, noting that since its Feb 9 low at 73.45, the stock had ended a correction off its Dec 23, 2014 all-time high at 82.17 and started a new up-leg within its larger bull phase.
He noted, "My intermediate-term work indicates that FB is on the verge of upside acceleration that should take out its Feb rally peak at 81.37 on the way to 85.00/30 thereafter."
Mike took a short-term profit on the trade on Thursday at 80.87, just before the Friday sell-off, though says the larger uptrend remains intact as long as 78.80/50 support contains weakness.
Mike Paulenoff is the author of MPTrader.com, a real-time diary of his technical analysis & trade alerts on
ETFs for precious metals, energy, currencies, and an array of equity indices and sectors, including international
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