Facebook (NASDAQ:FB) is still under pressure on a 240 minute frame. After marking the peak of $81, the stock has not gathered enough momentum to close to its pro gaps. The pro gaps are those gaps which occur in the opposite direction of the current trend. The price is trading below the 100 day (shown in red) and the 100 day (shown in yellow) moving average which means that the bears are still in control of the price. The price has also formed a symmetrical triable pattern and they usually break in the direction of the current trend which is up.
The MACD and the RSI indicators are trading in line with the price action which means that the bias is still towards the upside.
Important Zone
71.25-70-27 Support
80.27-81.05 Resistance
Disclaimer: The above is for informational purposes only and NOT to be construed as specific trading advice. responsibility for trade decisions is solely with the reader.