jueves, 29 de mayo de 2014

Facebook #FB Trading review and Forecast. Last Price 63.51 (+0.05%) 05-29-2014.

Facebook #FB Trading review and Forecast. Last Price 63.51 (+0.05%) 05-29-2014.
Hi Mates, How you doing? A great TWTR rally yesterday, don´t you think...
Anyway. Today I want to review the FB trading idea i posted last week.
Yesterday the stock arrived at $64,14 and this is very close to the Extended target I calculated in the  previous trading idea(trading idea link).
Now it´s time to decide if we should hold or sell the stocks.
Let´s see the chart.

The MACD is above the signal and above zero.
The RSI is at 61% and seems flat.
The Stochastic is at 90% overbought. it´s probably will correct soon.
The ADX is at 16.26 point.
Elliot waves: I think taht yesterday the price arrived to the top of the 3rd elliot wave, so in the next sesions the price will correct to develope the 4rd elliot´s wave.

Yesterday the stock drew a doji star.The price broke the triangle, it´s true... However looking at the Composite at 4225.08 and analyzing the technicals I think that would be better to try to buy into a buy range with a lower price.

The Actual buy range is: [60.05;61.25].
This is the correction I expected in a few days.
The doji star and the stochastic tells me that this stock will correct soon.
Once there our targets will be:
TG1:$65.47 TG2:$68.08 

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