I think we see a test of $115.84 which will be the third attempt. This time I think it breaks through. Once that happens, it's a safe Bearish entry. Two targets in play when that happens (and I say WHEN not IF) - $108.64 Gap that needs to be filled. and if this June is like 8 of the last 10 Junes (significant downside from 5%-15%), we could see a test of the 200 MA, what I think is the bottom of the upper trend line that's been in place for years. Should FB breach that, or reach it, I'd load up the truck because every time the stock has reached back to those levels, it has served as a great buy point and bottom as well as a resumption of the uptrend. The last time I checked, that level was $104.11. Now many say there is a cup and handle forming on the S&P and most people think that means a breakout is coming. But... there has been absolutely dismal volume. So is it a fakeout? I'm thinking it is. And even if it isn't. I'd take on tons of short positions cause there is no way the S&P will climb higher. One thing to take note of: there have only been three times that FED has raised rates during a profit recession (that's right, earnings profits have been in decline!). Two out of three times, markets have corrected around 15%. That's right. And as I posted above, 8 out of 10 months of June over the last ten years have seen significant downside. Be ready, it's coming.
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