FB 267 bearish until 250: broken daily support 267 & 200 MA 272
FB advanced with vigor with a 5 EW move, until recently it started a corrective ABC move, of which we are in leg C that yet to complete.
It has broken the daily 267 and 200 MA of 272.
Likely test 250, as major support, and the previous gap-up line.
Fundamentally, it is still a great business that yet to peak in earning power but we are in a market that money is chasing Newer and Shiny stories with rapid rotations. The large market is also likely entering a corrective move starting the new year when the delayed profit takers have sheltered their capital gain for 2020. And there is just so much easy profit from the lucky IPOs to absorb for the little guys playing with their real money.
It has broken the daily 267 and 200 MA of 272.
Likely test 250, as major support, and the previous gap-up line.
Fundamentally, it is still a great business that yet to peak in earning power but we are in a market that money is chasing Newer and Shiny stories with rapid rotations. The large market is also likely entering a corrective move starting the new year when the delayed profit takers have sheltered their capital gain for 2020. And there is just so much easy profit from the lucky IPOs to absorb for the little guys playing with their real money.