Facebook stock is still not cheap
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I got a lot of messages last week from people asking if they could buy at $300-330 when I didn't have a clear plan to trade. They were chattering on social media that Facebook shouldn't be so cheap. On the other hand I could get word from many sources that numerous trading houses, banks, etc. thought that tech stocks were still not cheap and that institutions were moving away from highly valued stocks that were on an erratic growth trajectory.
The reality is that the price of Facebook NASDAQ:FB has fallen quickly below multiple support levels, especially below the uptrend line and EMA 200, and there is still a predictable opportunity to short the stock if there is an upward rebound correction.
The reality is that the price of Facebook NASDAQ:FB has fallen quickly below multiple support levels, especially below the uptrend line and EMA 200, and there is still a predictable opportunity to short the stock if there is an upward rebound correction.
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