Facebook (FB) Outlook For October 29, 2014

FB closed on a new all-time high on Tuesday. The short-term, daily trend is up as long as price trades higher than $78. There are some unfilled price gaps below which may be revisited before year-end, but given the stock’s and the general market’s resilience we would not bet on a short position yet. Based on technical analysis only, we need to respect the uptrend even though FB is not our favorite stock fundamentally.

FB, daily chart (1 year):

fb

Chart courtesy of StockCharts.com. http://stockcharts.com

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