Welcome to Chart Chatter where we discuss various technical charts we find of interest. We cover indices, signals and stocks on different timeframes highlighting different technical techniques we use over time. We’ll focus on key observations we find relevant which readers may find of use for their own trading.
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Full disclosure: I don’t like $FB the company, deleted my account in 2018. Don’t like their product, don’t like their business practices, don’t like Zuckerberg, think he’s a douche.
But that aside, I see a potential bullish pattern configuration here on $FB:
Following the brutal wedge break leaving a monster gap this summer $FB has placed a series of lower lows and lower highs. The pattern has evolved into a bullish descending wedge. The lower trend line was tagged this morning on open on a positive RSI divergence.
This pattern may eventually revolve to the upside with the 50MA and the 200MA and the open gap being eventual targets if price can break above the wedge in Q4.
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Categories: Chart Chatter