Friday, November 15, 2013

$FB rally through Opex


I did a post early in the pre-market about $LNG but I wanted to touch on some points and thoughts on $FB going forward past today's monthly options expiration.

For the last few weeks, it has been working on a nice declining wedge coming out of a nice run up since the gap in July. I am watching for a pop above the top line of the wedge which happens to also coincide with the 50d sma and the 18d sma, which I like to reference for short term plays.  I think a convergence of all these points can really give some support for a nice bounce.  As long as volume follows through above average, there is a lot of room to run.  If we get a Friday rally today, I am targeting 51.50. The only obstacle is the options expiration and with 80,000 options contracts at the 50 strike, that will be hard to not pin.

Happy Trading.

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