{"id":12402,"date":"2012-06-18T21:56:47","date_gmt":"2012-06-19T01:56:47","guid":{"rendered":"http:\/\/drduru.com\/onetwentytwo\/?p=12402"},"modified":"2012-06-18T22:03:02","modified_gmt":"2012-06-19T02:03:02","slug":"facebook-building-positive-momentum","status":"publish","type":"post","link":"https:\/\/drduru.com\/onetwentytwo\/2012\/06\/18\/facebook-building-positive-momentum\/","title":{"rendered":"Chart Review: Facebook Actually Building Positive Momentum"},"content":{"rendered":"<p>Nine days and counting. That is how many trading days have passed without Facebook (FB) marking fresh post-IPO lows. For twelve trading days, nothing but negativity swirled around the FB IPO. It was if the company itself were about to go bankrupt &#8211; taking all 900 million users with it. <\/p>\n<p>On May 31st, <a href=\"http:\/\/drduru.com\/onetwentytwo\/2012\/05\/31\/facebook-prints-reversal-pattern\/\" target=\"_blank\">I pointed out a potential reversal pattern in FB&#8217;s stock<\/a>. That bottom failed to materialize, but the day that brought the pattern-breaking close is the current post-IPO low&#8230;so, I will call it &#8220;close enough.&#8221; Friday&#8217;s close above the high of the bottoming pattern finally confirms the pattern (again, I am taking some liberties given FB did print one more new closing low).<\/p>\n<p><center><br \/>\n<figure id=\"attachment_12403\" aria-describedby=\"caption-attachment-12403\" style=\"width: 490px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2012\/06\/120618_FB.png\"><img loading=\"lazy\" decoding=\"async\" src=\"http:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2012\/06\/120618_FB.png\" alt=\"Facebook actually catches a bid with momentum building\" title=\"Facebook actually catches a bid with momentum building\" width=\"500\" height=\"350\" class=\"size-full wp-image-12403\" srcset=\"https:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2012\/06\/120618_FB.png 500w, https:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2012\/06\/120618_FB-300x210.png 300w\" sizes=\"auto, (max-width: 500px) 100vw, 500px\" \/><\/a><figcaption id=\"caption-attachment-12403\" class=\"wp-caption-text\">Facebook actually catches a bid with momentum building<\/figcaption><\/figure><br \/>\n<strong>Source: <a href=\"http:\/\/www.freestockcharts.com\/\" target=\"_blank\">FreeStockCharts.com<\/a><\/strong><br \/>\n<\/center><\/p>\n<p>I earlier suggested that the cacophony of negativity surrounding FB&#8217;s post-IPO trading was creating an opportunity for big buyers. They could transfer stock out of the hands of folks who bought at the IPO price for a decent-sized discount (see &#8220;<a href=\"http:\/\/drduru.com\/onetwentytwo\/2012\/06\/10\/facebook-poll-fashioned-to-feed-fear\/\" target=\"_blank\">Reuters Facebook Poll Fashioned to Feed the Fear<\/a>&#8220;). The current momentum certainly seems to confirm this process. FB is still a broken stock and has a LOT to prove going forward; resistance to further gains should get ever stronger as FB approaches its IPO price of $38. However, my bias tells me that a year or so from now feelings of seller&#8217;s regret will greatly replace the fear of FB. I will not be surprised if in that time the stock even experiences at least one blistering &#8220;fear of missing out&#8221; rally.<\/p>\n<p>Be careful out there!<\/p>\n<p>Full disclosure: long FB<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Nine days and counting. That is how many trading days have passed without Facebook (FB) marking fresh post-IPO lows. For twelve trading days, nothing but negativity swirled around the FB IPO. It was if the company itself were about to go bankrupt &#8211; taking all 900 million users with it. On May 31st, I pointed &#8230; <a title=\"Chart Review: Facebook Actually Building Positive Momentum\" class=\"read-more\" href=\"https:\/\/drduru.com\/onetwentytwo\/2012\/06\/18\/facebook-building-positive-momentum\/\">Read more<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[599,62],"tags":[549,943,591,1597],"class_list":["post-12402","post","type-post","status-publish","format-standard","hentry","category-internet","category-technical-analysis","tag-facebook","tag-fb","tag-ipo","tag-technical-analysis"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Chart Review: Facebook Actually Building Positive Momentum - ONE-TWENTY TWO: Trading Financial Markets<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/drduru.com\/onetwentytwo\/2012\/06\/18\/facebook-building-positive-momentum\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Chart Review: Facebook Actually Building Positive Momentum - ONE-TWENTY TWO: Trading Financial Markets\" \/>\n<meta property=\"og:description\" content=\"Nine days and counting. That is how many trading days have passed without Facebook (FB) marking fresh post-IPO lows. For twelve trading days, nothing but negativity swirled around the FB IPO. It was if the company itself were about to go bankrupt &#8211; taking all 900 million users with it. On May 31st, I pointed ... 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