facebook

Here is a daily chart of Facebook (FB) going back to its IPO in May of 2012. My last two FB posts can be found here and here.

The bull market in FB continues. Since FB has just recovered from a 6 point break I have decided to revise my current upside target to 58-60. Once that zone is reached another drop of 6 and possibly as much as 10 points will become likely (the latter would match the size of the break during the first six months of 2013).

Looking further ahead I think FB can reach the 80-90 zone. The 80 level is about 5 times the 2012 low price while 90 is twice the IPO high price.