By Carolyn Boroden, ElliottWaveTrader.net
Facebook Inc. (NASDAQ: FB) has rallied from our recent buy set-up, bouncing off our Fibonacci price projection zone just above $200, triggering a buy entry. The potential target, if that $200 level is a more important low, is the 1.272 extension at the $230 area. The initial definition of risk was below the recent low made into the support zone.
Although I do believe that the 1.272 target is possible, FB is currently moving into what I like to call a hurdle. If the setup is going to play out fully, FB needs to clear an important zone of resistance in the 212.76-215.36 area.
This zone includes a .618 retracement of the prior swing, along with a 100% projection of a prior rally swing.
If we do push through this zone, the odds increase for a continued rally towards the upside target at the 230 area.
A failure to clear this same key zone leaves us vulnerable to more downside instead.
Consider it an inflection point and trade accordingly. See more of our analysis on Facebook as well as on Apple Inc (NASDAQ: AAPL), Amazon.com, Inc. (NASDAQ: AMZN), Alibaba Group Holding (NYSE: BABA), Google Inc. (NASDAQ: GOOGL), Netflix, Inc. (NASDAQ: NFLX), NVIDIA Corporation (NASDAQ: NVDA), Roku Inc (NASDAQ: ROKU) and Tesla, Inc. (NASDAQ: TSLA) in our video here.
Carolyn Boroden, also known as the "Fibonacci Queen," is an analyst at ElliottWaveTrader.net, where she covers U.S. equity indices, precious metals, and individual stocks.
Image Sourced from Pixabay
"Key" - Google News
February 06, 2020 at 09:08PM
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Facebook At Key Inflection Point - Benzinga
"Key" - Google News
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