Facebook had taken support at the Bull Trend Line and the 50 DMA last week. Post the fabulous results which beat market expectations it has traded near the Upper Channel line as seen in the chart below for most of the past week. Friday’s close was a strong Positive candle which could propel it above the trend channel in the next week.
I must admit though, that some amount of profit booking could take it back in the channel. The weekly chart also looks good for an up move. On the downside move $60 would act as the first line of support. Anyone shorting at higher levels can look at booking partial profits at this level.
Following are the Trading levels for WS 10th Feb
Buy above 63.20 Tgt 1 – 65.65, Tgt 2 – 67, Tgt 3 – 69.40
Sell below 63.20 Tgt 1 – 61.90, Tgt 2 – 59.50, Tgt 3 – 58.10
Very Important – DO NOT TRADE WITHOUT STOP LOSS. Use sound Money Management with your Trading Plan and do not over leverage vis-a-vis your trading equity.
Have a Profitable Trading week ahead!
To your Boring Success!!!