On the 25th of January, we released an article stating Facebook bears are getting out of the market. At this point, our expectation for $FB share price to reach 160 has been met, which could pave way for the bears to resume trading. A breakdown from the trendlines A and B occurred in the last two trading days of last week. A double bounce in price touched the resistance level at 174.14 in the last 2 months, technically indicating a possibility for a reversal.
On the 31st of January, there was a jump in the price of $FB from 150.61 to 165.36. Ever since the jump occurred, a range in price resumed. Price of $FB is beginning to touch the middle Bollinger band line, which might likely indicate a weak bullish trend. Though the future of Ichimoku shows no reversal, price of $FB might begin to fall. A fall in price might make the $FB shares to drop to 139.06. Taking a further look at the RSI, price of $FB has been overbought, preparing for a reversal.