Quick Look At FB

FB broke out from the recent pullback price channel and above the Fibonacci retracement zone. Although it has faded as the market weakening during the afternoon, but it did held on to some of its gains and closed up +0.97 or 1.18% at 83.01.

(click on the chart to enlarge)



If the market continues to show weakness in the coming days, the market could drag FB down to retest the 81.45 level. Until major support level near 77.36 is broken, FB appears to want to make another new closing high and any pullback could be opportunities to consider possible long position.