FB Facebook 30-Minute Chart Sideways Symmetrical Triangle

Faceplant staggers along sideways into the apex of a sideways triangle so price is likely making a decision now.  The veritcal side is 1.5 points so whichever way it decides to move, the 21 is the upside target and 18 the lower target.  Keystone's 80/20 rule says 2's lead to 8's so the rupture of 22 a couple weeks ago hints at a need to see 18. A rupture of 18.20 would lead to 17.80.  Thus, there remains no compelling reason to own Faceplant. The best thing that can happen for the FB bulls is for price to collapse out the bottom of the triangle and tag the 17.70-17.90 area which is likely an attractive entry point potentially setting up.

The 8 and 34 MA cross is in a tug-o-war, the cross will verify the price direction moving forward with the bears a single hair in the lead for now.  Best to wait and see if the 18 print occurs. If FB runs higher from here so be it, it will continue to be an unattractive stock to own. At 18 or lower, that should change the story, and perhaps the stock can finally pick itself up, and dust itself off, removing the humiliating Faceplant moniker moving forward.

Quarterly window dressing occurs at the back half of September and also a lock-up or two will expire moving forward so these may provide more pressure on the stock. If Faceplant languishes for the next two or three weeks, companies may want to ditch it so it does not show up on the quarterly report. The perfect set up for FB would be a 17-18 print in the last two weeks of September, less than a month from now, which would likely prove to be a very attractive entry area. This information is for educational and entertainment purposes only.  Do not invest based on anything you read or view here.  Consult your financial advisor before making any investment decision.