Wednesday, 13 November 2013

FB - soon to confirm a giant bull flag?

With the main indexes seeing a typical latter day recovery, Facebook (FB) managed to build significant gains, closing +4.5% @ $48.72. Near term price action/structure is offering a very clear bull flag. If that is the case, FB year end target is the 57/62 zone.

FB, daily


Regardless of the main market, keep in mind that recent earnings were 'reasonable', and if FB can keep up the current growth rate in EPS, it should be trading much higher into early 2014.

it would seem Mr Market has just been a little...antsy with some of the momo stocks lately, even those that surpassed Q3 expectations.

That mood won't last forever, indeed..another day or two of upside, and if FB can put in a daily close in the $ should confirm the broader up trend from the summer lows.