Calling Facebook's Rally - Market Analysis for Feb 20th, 2015
by Mike Paulenoff
February 20, 2015 • 9:57 PM EST
Mike issued a long entry alert on Facebook (FB) on Tuesday (Feb 17) at 76.62, and exited on Friday at 79.29, for a 3.5% gain.
In entering the trade, Mike noted that the stock is in a "high-level digestion period prior to another lift-off."
He compared the recent correction and sideways "digestion" from Dec 2014-February 2014 to a similar pattern in March-April 2014 that resolved in a rally. In both situations, the rising 200-day EMA was also positioned similarly within the coiling price structure.
See the chart from Tuesday Feb 17.
Mike Paulenoff is the author of MPTrader.com, a real-time diary of his technical analysis & trade alerts
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