11/20/2017 – $209 Price Target for Facebook (FB) Confirmed
In an October 2017 update for FANG stocks, I reviewed how I thought the FANG stocks still had bite. For Facebook specifically, I discussed its sideways price action over the previous couple of months. I made the following comment in the article:
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.
Facebook continued its streak of earnings beats with its most recent earnings report. This earnings beat also helped push FB's share price above the resistance area from the Bearish Tower candlestick pattern. Is it time to look at new overhead price targets? I think so. In the October article I also mentioned that
When a stock consolidates sideways, the next movement is typically a resumption of the previous trend.
It looks like the resumption of FB's previous trend is starting to shape-up.
This first chart for Facebook (FB) is a 5 year monthly candlestick chart to see how its long-term uptrend is progressing. After breaking through its Trading Channel that it spent approximately 3 years in, the trend for Facebook's share price has picked up momentum.
The Fibonacci Extension Tool on the above chart suggests a price objective of $…...
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I discuss upside price target areas for Facebook that could present trading opportunities. Trading opportunities include selling shares at designated prices and then looking to repurchase those shares on a pullback from the price target area.
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