AAPL and FB have been the strongest tech stocks of late while many of the big winners of 2017 are acting weaker than the overall market. AAPL triggered my entry level this morning and FB is testing the 30-min ATR audio alert that I have in place at $167.66. I don’t really want to try and get long FB at these levels, as I would rather see the bigger time frame ATRs flip to the condition of support. Overall though, FB looks like a stock that wants to head higher once the daily bull-flag pattern has run its course.
FB Daily Chart
The trend strength histogram has pulled back into the Chop Zone, and traders should be watching the stock as an expansion phase higher could begin here soon. The smaller time frame charts will show the start to any expansion phase first so with that in mind, I have audio alerts set at all of the 30, 65 and 195-minute ATR resistance levels.
FB 195-Minute Chart
FB 30 & 65-Minute Charts
Bottom line … FB is one of the stronger looking stocks in the tech sector as of late. If we are going to get a relief bounce this week/early next week as I think that we may have (notwithstanding North Korea), traders should keep their eyes on FB for the next little while.
Cheers … Leaf_West