In our last technical blog about Facebook, we explained that the stock is in a 3-year-old bullish trend, forecasted further rally and break above 10/24 (133.31) peak. As we can see now from the chart below, the price ended pull back at 113.41 low on November 14th as a truncation. After that, it traded sideways for a month and continued within the bullish trend as expected . On February 2nd Facebook made a new all time high and continue to be a buy in a dip. There is no doubt that the bullish trend is still in progress, however as it has broken short term trend line, we can assume that theres a possibility of doing a wave 4 pull back against the 12/30 low. Now were going to present 2 short term possibilities.
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