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FB, GOOGL & TWTR

June 2017 is over. What better time then at the end of a month to take a look at some monthly candlestick charts. All of the below charts are 5 year monthly candlestick charts to review the longer-term trend for each. I will also be posting some updates in the Idea Chamber over the holiday weekend. As I mentioned in my long-term trend update for AAPL, DAL & SIRI earlier today, be certain to subscribe to your favorite forum topic.

This long-term trend review is for FB, GOOGL & TWTR. Let’s get started!

Facebook (FB)

Even teflon-coated Facebook (FB) was not immune to selling pressure over the last couple of weeks. It has formed Doji candlestick patterns for the months of May 2017 and June 2017.

Facebook’s (FB) share price has issued warnings the last two months be developing Northern Doji candlestick patterns. So what do these Northern Doji candlestick patterns mean for Facebook’s (FB) share price? When a Northern Doji candlestick pattern appears at the end of a long established uptrend, volatility and possibly a correction lies ahead.

The $144.50 price level is key for Facebook’s (FB) share price to[s2If !current_user_can(access_s2member_level1)]……

If you want to continue reading this article for Facebook (FB), Alphabet (GOOGL) and Twitter (TWTR), you must first login.

I discuss the items to watch for regarding FB’s share price, including multiple support levels. If the Northern Doji candlestick patterns represent a short-term reversal, then support levels become extremely important.

Bearish indicators fro Alphabet (GOOGL) are also reviewed along with its support areas where its share price should bounce from.

And last, you can read about Twitter’s probable end to its downtrend as well as some upside price targets now that its share price is trending back upwards.

If you are not a Trendy Stock Charts member, consider joining today! There are several different subscription plans available.[/s2If][s2If current_user_can(access_s2member_level1)] hold in the month of July 2017. If it can hold that price level, look for FB to continue its breakout from its Trading Channel.

If the $144.50 price level fails to hold support, the resistance area from November 2016’s Bearish Engulfing candlestick pattern should provide support and a bounce. Once a resistance area is broken, it should then offer support. Watch for any break of support levels on increased selling volume. Not only for FB, but in general. Ask for an update when a support area fails.

Alphabet (GOOGL)

My last update for Alphabet (GOOGL) was less than 2 weeks ago in this update titled “Quick Hits 6/19/2017 – GOOGL & MU“. In that update, I made the following comment:

GOOGL’s share price appears to have minimal downside risk at this point. When I say minimal, I anticipate less than 10%.

GOOGL’s share price was $975.22 at the time of that comment. I anticipated one more high for GOOGL’s share price, which it reached at $1,009 before reversing in the tech sell-off the last 2 weeks.

I’ve illustrated a potentially large Bullish Impulse wave pattern on the above chart. If Wave 3 of a large Bullish Impulse wave pattern is truly in process, GOOGL’s share price will not print a $866.99 during its current pullback.

It is imperative that GOOGL’s share price finds support above that level. The $875 area is a great area to repurchase any sold shares from the $1,009 level or to initiate a position in GOOGL with your first scale-in purchase.

By avoiding the printing of a $866.99 during the pullback, the $1,200 area can be then identified as the most probable overhead price target.

Twitter (TWTR)

In my previous update for Twitter (TWTR), I made the following statement:

But TWTR’s share price did form a Piercing candlestick pattern on its daily chart on March 22, 2017. That bullish reversal candlestick pattern developed on buying volume that was greater than the previous candlestick’s volume. That could be an indicator that a short-term bottom is in and its share price is ready to rebound.

Twitter’s (TWTR) share price was $15.04 at that time. TWTR’s share price closed Friday at $17.87 – it looks like the Piercing candlestick pattern signaled a probable end to TWTR’s downtrend. Its share price sits right below its overhead resistance from a trendline perspective.

The first point of major resistance for TWTR’s share price during its attempted rebound will be the resistance area from the Bearish Engulfing candlestick pattern. The Bearish Engulfing candlestick developed in October 2016. The resistance area

TWTR’s MACD Histogram is showing increasing buying momentum on a longer-term basis. This also seems to confirm the Piercing candlestick pattern that was discussed in the previous update. The Piercing candlestick pattern was seen as a potential bullish reversal signal.

The Fibonacci Extension Tool was placed on Twitter’s (TWTR) chart to calculate upside price targets. These upside price targets should be used on a continued breakout for TWTR.

FB, GOOGL & TWTR

As usual, the stock charts for FB, GOOGL & TWTR do not align in their outlooks. FB & GOOGL are showing signs of possible temporary weakness while TWTR could be ready to breakout.

FB and GOOGL do appear to have another new, all-time high in their future. And that high should occur before a possible longer correction or consolidation period sets in. Use the pullback zones identified in the above charts to join the next advance upwards in the uptrend.

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