FB - fails to hold key support

Facebook (FB) was lower for the fifth consecutive day, closing -3% @ $24.30. Key support of $25 has failed to hold, and very natural downside to the $20/19 level is now viable across the next few weeks.


FB, daily

Summary

FB has now been in a very consistent down trend from the low $29s, for the last three weeks.

Underlying MACD (blue bar histogram) is now very deep in negative territory, but so far, there is no sign of any turn/levelling phase. Considering that $25 key support has failed, the momentum is clearly on the side of the bears.

There is a very reasonable possibility of FB sliding down to the big $20 level. Of course, that will be a little more difficult if the main indexes start battling higher into June.
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I still hold to the notion that the stock is wrapped in media hysteria, and could easily go the way of geocities and myspace.