Facebook Inc (US: FB) Strong impulse recovery has broken the high of 224.20. Based on the technicals, Facebook will continue its bullish trend.

1. Since Facebook broke the resistance top at $224.20, prices has consolidated into a bullish pennant and it is well supported at $224.20. Furthermore, Monday’s candle shows that price has actually broke the top of the pennant, indicating the bull has return.
2. Prices has been trending above all 3 moving averages. Indicating a strong uptrend
3. The golden cross formation confirms the strong bull trend ahead.

*The technical call is valid for 3 weeks only.

*In the event should price reverse, the next support at $210.00 will be tested.

CHART LEGENDS

Moving average

Red dotted line = 200 day period moving average

Blue dotted line = 50 day period moving average

Green dotted line = 22 Day Period Moving average