Another FB Call - Market Analysis for Mar 6th, 2015
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
markets, plus key ETF component stocks in sectors like technology, mining, and banking.
Sign up for a Free 7-day Trial!
More Top Calls From Mike
On the afternoon of March 13, 2024, I posted the following heads-up to MPTrader members about important price action in WPM (Wheaton Precious Metals), my go-to ("favorite") name for Silver Mining within the larger Precious Metals Mining Complex:From a silver-gold perspective, let's notice that WPM strength is pushing up against its near-term resistance line in the vicinity of 45.80.
Over one month ago, on Monday morning, 9/09/24, I posted the following NVDA update for our members:My near-term pattern work makes a compelling argument that the corrective downleg from the 8/16 high at 131 is nearing downside exhaustion and completion in and around 100 (Friday's low was 100.95). That said, unless and until NVDA climbs above 106.30 to 108.
On August 27, 2024, I reviewed my near and intermediate-term technical setup on copper (gold, silver, oil) producer FCX (Freeport-McMoRan) for MPTrader members, writing:My attached Daily Chart shows the 30% correction from the May 2024 high to the August 2024 low, which my pattern work argues ended the retracement of the first upleg of a new bull phase in FCX that began at the 10/23/23 low of 33.08 and ended at the 5/20/24 high of 55.24. The August 2024 upmove from 39.08 (8/05/24) to 46.
On August 5, hours before its after-market earnings report, Mike Paulenoff posted a bullish alert on AI-juggernaut PLTR, writing:"Bottom Line Technically: As long as any forthcoming weakness on a closing basis remains above key support lodged between 19.60 and 21.50, PLTR has the right look of nearing the completion of the correction from its 7/08/24 high at 29.83, and the initiation of another advance that will extend the upside potential off of a two-year base-accumulation setup."The stock, trading at 23.
Three hours before the July Fed 31, 2024 (FOMC) meeting, I posted the following chart commentary about my technical setup work on 10-year Treasury YIELD and its actionable longer-term Treasury bond ETF, the TLT (20+ Year T-bond, ETF):Heading toward Fed Time, 10-year YIELD and TLT (20+ Year T-bond ETF) certainly appear to be anticipating lower interest rate news or innuendos from the FOMC statement (guidance) and Jay Powell in his post-meeting press conference.