FB weekly channel idea

6 Tem 2015

So after my last trade idea in FB I decided to take a look at the larger picture of the price action in FB. The weekly and daily lead me to believe we are currently in a channel that is slowly on an uptrend. With all of this being said, it is at the top portion of the channel and could present some possible trades in the upcoming days. In particular, the past couple of days have confirmed that the previous resistance is now holding as support, but with the shooting star on Thursday I could see the 85.50 level breaking and a pull back to the 83 area of the chart or lower before resuming its uptrend.