Facebook (FB) got a bounce over the last seven days and broke above the wedge trend line. This is the first step to ending the correction that started in mid October. The 50-day moving average is the next hurdle. A follow thru break above this moving average on good volume would be quite positive. Also notice that the price relative is just below its 50-day.
Click this image for a live page
About the author:
Arthur Hill, CMT, is the Chief Technical Strategist at TrendInvestorPro.com. Focusing predominantly on US equities and ETFs, his systematic approach of identifying trend, finding signals within the trend, and setting key price levels has made him an esteemed market technician. Arthur has written articles for numerous financial publications including Barrons and Stocks & Commodities Magazine. In addition to his Chartered Market Technician (CMT) designation, he holds an MBA from the Cass Business School at City University in London.
Learn More
