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Nathaniel Matherson
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I'm an active investor and trader with 4 years experience. I use a combination of Fundamental and Technical Analysis. I live in the Bay Area, California but attend college at the University of Delaware. I grew up in the Bay Area in California about 45 minutes from San Francisco. This year I... More
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  • Facebook Analysis: January 16th, 2013 0 comments
    Jan 16, 2013 11:28 AM | about stocks: FB

    I keep my technical analysis simple for the most part. Check out my articles on Seeking Alpha for qualitative analysis! You can follow me on Twitter @CircaAlpha and on Stocktwits @Circa!

    Facebook (FB)
    After the "big" announcement from Facebook, shares traded lower and are now trading around $30 per share. Facebook should continue to drift slightly lower before finding support around the 50.0 Fibonacci Retracement level at $28.72. At the same level I believe shares will also find support from previous resistance turned support(horizontal line). In addition, Facebook shares remain in an uptrend and should find trend line support soon.

    Trade:
    I would look to start a long position if Facebook shares trade down to the 50.0 Fibonacci Retracement level and support around $28.72. I would use a close below the upward sloping trend line as a stop loss. Today that would be around $28.00 per share. I would be looking for a full retracement back to $32.00 as my target.

    Risk/Reward:
    Risking about $0.80 for $3.28.

    Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.

    Stocks: FB
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