FB Facebook 30-Minute Chart Oversold Falling Wedge Positive Divergence

A nasty downward channel is in place for Faceplant currently. The bright side is that price has been oversold, a falling wedge has formed and positive divergence has created a bounce off the 26.44 bottom (purple lines). The price action appears favorable for some further buoyancy so the top rail and gap fill at 27.75-ish is a logical VST target. Technical analysis is in its infancy for Facerippedoff since many weeks need to pass before the moving averages and support and resistance levels develop.  Watch the 8 MA and 34 MA cross, if the 8 can move above the 34 that will give the bulls something to cheer about.

Note the two large gaps above at 33.50-ish and 37.5-ish that require filling at some point in the future.  The low today at 26.50-ish may serve as a head for a potential inverted head and shoulders pattern. The lime-colored lines depict the inverted H&S with neckline at 30. The target for the pattern is 33.50-ish exactly where the gap fill is at, as well as sturdy support and resistance, thus, a strong magnetic force is forming at 33.50-ish.  Projection is for Faceless to move sideways to sideways up going forward to the neckline target at 30.  If that 30 neck line is pierced, the next target is 33.50-ish.  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.