FB (Facebook Inc (NASDAQ:FB) recently roared above the $80 level to mark a new all time intraday trading high of $86.07.
In looking at the two hour chart we can see that the bulls really picked up the pressure as soon as the stock broke above $81 in mid-March, as noted by the blue arrow. Historically, this had been a tough level for the bulls to maintain the price above.
The momentum push higher was confirmed on the hold and subsequent rise above $82. By late morning on 3/24/15, Facebook traded just above $86. From this point forward, the decline in +DMI and crossover of the MACD line below the signal line indicated exhaustion on the part of the bulls.
We can see that Facebook has since pulled back to digest the latest gains, closing at $82.32 on 4/7/15. The ADX line is not rising, so there is no trending move in play at this moment over the two hour time frame. However, it is clear that +DMI and -DMI are taking turns in overlapping, so the bulls and bears are in the midst of a tug of war to determine who will move the stock in a big way next.
The $83 and $84 levels seem to be resistance for the bulls to overcome in the near term, with support at the breakout level around $81. If the MACD line crosses above zero and can hold above the signal line, a bullish continuation move may be in play. This would be further reinforced by a rising ADX line and spike in +DMI.