Wednesday, August 21, 2013


Here is a daily chart of Facebook going back to its IPO about a year ago. I last commented on FB here.

As I said 6 months ago FB began a bull market from its post IPO low around 18. My initial upside target (purple oval) is 43-45, the level at which FB traded just after its IPO. In the meantime support beneath the market should be found at the January 2013 top around 32 and at the rising 200 day moving average (red line).

My best guess is that Facebook will react from the 43-45 target zone, perhaps down to 32-35, but then continue its bull market into the 50-55 zone.

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