- Facebook reversed from long-term resistance level 209.00
- Likely to fall to 202.90
Facebook recently reversed down from the resistance area lying at the intersection of the long-term resistance level 209.00 (which stopped the sharp uptrend in July) and the upper daily Bollinger Band.
The downward reversal from this resistance area completed the pervious extended ABC correction (B) from the start of October.
Given the overbought daily Stochastic – Facebook is expected to correct down further toward the next support level 202.90 (former monthly high from last month).