Bearish Butterfly pattern was confirmed last Friday as $FB declined below 107$.
The 107$ and the Fast SMA line now act as resistance and a zone to place protective stop loss above.
The first target zone for this setup is the 100$ zone, which is the top of the Rising Wedge pattern you see in the chart.
Next target levels, if $FB will decline below 100$, are 95$ (200 SMA line) and 90$ (major structure zone)
Tomer, The MarketZone
This analysis is part of the Weekly Markets Analysis newsletters
To read more interesting technical reviews for the week- goo.gl/TFUjbZ
To subscribe to the newsletters - goo.gl/JfOLoR
The 107$ and the Fast SMA line now act as resistance and a zone to place protective stop loss above.
The first target zone for this setup is the 100$ zone, which is the top of the Rising Wedge pattern you see in the chart.
Next target levels, if $FB will decline below 100$, are 95$ (200 SMA line) and 90$ (major structure zone)
Tomer, The MarketZone
This analysis is part of the Weekly Markets Analysis newsletters
To read more interesting technical reviews for the week- goo.gl/TFUjbZ
To subscribe to the newsletters - goo.gl/JfOLoR
