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Had a glimpse on the daily FB-chart: looks quite negative again for the next 6 to 8 weeks.
Look @ Ichimoku daily chart below:
1) Price wanted to enter bullish blue cloud but resistance was to strong and entry was not possible.
This was 10 days ago. Bullish cloud was thickening - so resistance was getting stronger.
2) Price made already two waves down since start - now the third (long) one is on its way.
3) Negative KijunSen/TenkanSen cross in the bullish cloud means nothing good ;-) (yellow oval)
This is a very strong negative signal.
4) Next intermediate low means 13.xx
5) As bullish cloud turns into bearish cloud in mid november - some upper resistance of that
bullish (red) cloud will hold price down.
6) Outlook of the price around end of the year is <10.
As stated in earlier posts.
"Facebook Inc. (FB) Chief Operating Officer Sheryl Sandberg sold $7.44 million in shares as the company frees up more stock for trading following its initial public offering in May.
Sandberg sold 339,512 shares at about $21.10 apiece on Oct. 31, the first trading day after the latest round of lock-up restrictions ended, a regulatory filing showed yesterday. She also sold 13,392 shares at $20.79 apiece, according to the document."
By Brian Womack - Nov 3, 2012 5:01 AM GMT+0100 on Bloomberg.com
Sandberg has 20 Million shares and sold a few for about ..what...$7.5 Mil? I wouldn't call this abandoning ship.
I think I would do the same to secure some cash and dance to the bank Gangnam style.
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Big smile - on the last sentence!
but: If I am the COO of a large company (I am not!) - having a very nice salary every month and besides a HUGE benefit
of stocks and options given of that IPO - I would *never* sell parts of that stock as long as it is under public survey.
For every other stock holder of this company (selling right after the lockup period): This IS a BAD SIGN!
The reason why I have been bullish on the stock is because everyone hates it, or says its overvalued or blah blah blah
I am just watching the weekly chart
I am long term bullish with a stop loss @$18.50
"I have two basic rules about winning in trading as well as in life: (1) If you don't bet you can't win. (2) if you lose all your chips, you can't bet."
--- Larry Hite from Market Wizards by Jack D. Schwager
More bad news...
