The short recommendation I gave in FB is expiring here now that CCI is below -100 and trying to turn back up.
There were two more CCI readings over +100 and crosses back down below +100 to test everyone's patience with this trade, but it does appear to forming a much bigger top pattern.
I think that after options expiration today FB could start a new trend and move lower into next month's expiration (3rd Friday in April), but I might get on that trade next week.
There is a nice head & shoulders pattern developing that will most likely catch a lot of technical traders' attention, so make sure you are watching it and staying up to speed on what is happening.
For now, I'll step aside and take a small profit for what was a small loss at the worst case level at the highs.
I will definitely look to re-short this, but likely from higher levels and turning back down.
Best regards,
Tim 9:43AM 3/21/2014 67.28 last +0.31 on the day
There were two more CCI readings over +100 and crosses back down below +100 to test everyone's patience with this trade, but it does appear to forming a much bigger top pattern.
I think that after options expiration today FB could start a new trend and move lower into next month's expiration (3rd Friday in April), but I might get on that trade next week.
There is a nice head & shoulders pattern developing that will most likely catch a lot of technical traders' attention, so make sure you are watching it and staying up to speed on what is happening.
For now, I'll step aside and take a small profit for what was a small loss at the worst case level at the highs.
I will definitely look to re-short this, but likely from higher levels and turning back down.
Best regards,
Tim 9:43AM 3/21/2014 67.28 last +0.31 on the day
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