Facebook: Bullish Reversals Taking Place At 6-Year Support
Chris Kimble | Apr 05, 2018 08:35AM ET
Facebook (NASDAQ:FB) has been in the news of late, and unfortunately for the bulls, it's been mostly negative. Could this situation be creating an opportunity? The Power of the Patterns believes it has.
Facebook has experienced one of its sharper declines in its short history, since the highs it hit in January. The decline brought it down to rising support line (1) and its 23% Fibonacci retracement level of the 2012 lows/2018 highs at (2).
While testing this dual support point, FB last week looks to have created a bullish reversal pattern, and as of yesterday's close, it looks to be attempting to create another bullish reversal pattern this week at support.
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