Facebook’s price turned down

Facebook’s price turned down

Trade idea

SELL 192.70; TP 188.45; SL 194.20  

Facebook's stock formed a bearish “shooting star” candlestick on the monthly chart. On W1, there’s also a bearish reversal combination: an “inside bar” plus the so-called “fakey” (a failed attempt to break higher). On D1, we can see that the stock made 3 consecutive unsuccessful attempts to return above 198.50 (April high). Yesterday, the price closed below June highs at 194.00 and this opens the way down to 188.45 (23.6% Fibo retracement of the 2018-2019 advance).    

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