NOV09 1201PST. Facebook (FB) shares are approaching support from a pair of well-fitting price channels. These forecast support at approximately $19.20, if reached today or near the open of Monday's trade.
The first channel encompasses all price action from June 5 through Oct 23, after which FB shares shot up on a well-received earnings report. This channel, in red below, is well-fitting; local minima coincide with the channel four times, and local maxima on two additional occasions.
The second channel, in yellow below, is defined by four local extrema. It contains all price action from Sept 5 through the present.
The chart itself depicts FB's entire trading history as a public company, i.e. all price action since the company's market debut on May 18, 2012.
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| FB. May 18, 2012 to present. Hourly candles. |
