FB potential trends and price targets
FB gapped lower after weak earnings and a poor speculative outlook on the future of the Metaverse in early February, 2022.
Today's close (217.70) sits near a previous ATH (218.62) established in 2018 prior to the 2018 recession and retested in 2020 prior to the COVID crash. We may be observing a historically established and presently being validated supply = demand zone. Coincidentally, closing at this price on this day could also verify a potential macro bullish trendline.
A break below this potential demand level and trendline could be met with support at:
1) a lower, second possible bullish trendline (in blue on the chart)
2) the low of 2020 (137.10)
3) the low of 2018 (123.02).
Take profit targets for a long position could be:
1) a filled gap to the weekly low prior to the gap (289.01)
2) a filled gap to the close the day prior to the gap (316.87)
3) ATH established September, 2021 (384.33).
Today's close (217.70) sits near a previous ATH (218.62) established in 2018 prior to the 2018 recession and retested in 2020 prior to the COVID crash. We may be observing a historically established and presently being validated supply = demand zone. Coincidentally, closing at this price on this day could also verify a potential macro bullish trendline.
A break below this potential demand level and trendline could be met with support at:
1) a lower, second possible bullish trendline (in blue on the chart)
2) the low of 2020 (137.10)
3) the low of 2018 (123.02).
Take profit targets for a long position could be:
1) a filled gap to the weekly low prior to the gap (289.01)
2) a filled gap to the close the day prior to the gap (316.87)
3) ATH established September, 2021 (384.33).
The SKIE Team.
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