Saturday, 28 July 2012

FACEBOOK USA (FB)- DAILY CHART ANALYSIS UPDATED JULY 27 2012- HEADED FOR THE TEENS?

Facebook(FB) just fell with a massive gap on Friday through support near 26$ ( though we do not have much of price history here) and is looking set to test levels of 18/19 first and then if the selling continues to levels of 16/18 $. In terms of Elliot wave theory, once can assume that the third wave downward has started to targets of minimum 18/19$. The breakdown from the descending triangle formation provides a target of 18$. A move above 27$ is a minimum to restore the sentiment to neutral.


















Mohan Raghav
CEO, Financial Markets Algorithms
Web: www.financialmarketsalgorithms.com
blog: fmatechnicals.blogspot.com/
Twitter: camohanraghav
Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours

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