Facebook — Interesting Chart Pattern

Facebook ($26.04, up $0.13) is starting to look interesting on the buy side here on the daily chart. I’m currently focusing on the support decisions that include symmetry projections of the prior declines here which comes in at 23.50-25.15. We are currently testing and holding the top end of this zone that comes in at 25.09-15.

What I like about the pattern now, is that the decline from the 12/3 high is similar in time to some of the prior declines of 15 and 22 trading days. We are currently 18 days down from the 12/3 high where the most recent low has been made. We do have a hurdle to be aware of on the way up at the 27.05-46 area, but right now, I’m focused on the buy triggers against this key daily support. Target 1 comes in at 29.89 if we continue to hold above the 25.15 low. If a new low is made into the zone instead, I will adjust my upside targets accordingly by running a new 1.272 price extension of the swing into whatever low is made.

Happy New Year everyone!