This update will take a look at the 4 stocks collectively referred to as "FANG". FANG stocks include the following companies:
- Facebook (FB)
- Amazon (AMZN)
- Netflix (NFLX)
- Google (GOOGL)
Google has switched its name to Alphabet and now the whole acronym is just messed up. Time to make a new acronym.
Looking at a group of stocks can provides greater insight rather than analyzing individual stocks. The goal is to try to identify common chart patterns that may exist amongst the different companies charts. Let's see if any of the FANG stocks have any similar chart action.
Facebook has gone nowhere since its previous earnings report. It has been consolidating in a sideways pattern since its most recent earnings and developed a Bearish Tower Top candlestick pattern during the sideways consolidation.
FB's Bearish Tower candlestick pattern developed after reaching its Golden Ratio for its multi-year uptrend. The Bearish Tower candlestick pattern could be indicating a longer than normal consolidation period.
So is upwards the next movement for FB's share price? It appears so, but it also could still have some additional time in its sideways consolidation. If FB's share price continues….
If you want to continue reading this article for Facebook (FB) and the other FANG Stocks (Amazon, Netflix & Alphabet), you must first login.
I compare the charts for each of the companies to determine if any similar chart patterns are developing. Finding multiple stocks with the same patterns can increase the likelihood of a correct market call.
I also review price objectives for each companies share price.
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