Facebook (FB) Analysis; Looking For A Bounce by technicaltrader

trading · @technicaltrader · Oct 3 '18

Facebook (FB) Analysis; Looking For A Bounce

![](https://cdn.steemitimages.com/DQmduHgfrukvqYuBeNfgfMJTkG5vmxjqrhH88wptuB8mANs/image.png)

Whilst this channel isn't yet clearly defined unless it can bounce off this level, it can be drawn at a time when some key markets are holding significant support and the NASDAQ and S&P 500 still look to be heading higher in my opinion. 

See here for my view on NASDAQ.  https://steemit.com/trading/@technicaltrader/nasdaq-analysis-pennant-breakout-further-gains-expected

The daily chart of FB is also starting to look more promising.  Price is currently tracing out a falling wedge so momentum looks to be waning. I'm watching for a move out of this pattern to the upside. This will give us more information about the future direction of broader indices.

![](https://cdn.steemitimages.com/DQmNcavgMaZJFGF7DF82WALFPr6qhbmYR7AiTyY2dJoh6Ub/image.png)

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