Facebook stock (NASDAQ:FB) is already a bull market
in spite of occasional pullbacks that are experienced on it. These pullbacks
give astute traders and investors good opportunities to go long at better
prices.
On the chart, the price is trading above the EMA 21
(which is acting as a support to the price). The Williams’ % Range period 20 testifies
to the strength of the bulls. There is currently a pullback in the market, and
there is a support level at 50.00, which should act as a barrier to the bears’ machinations.
This stock could reach the resistance level at 100.00 eventually.
Conclusion: This
year would be favorable to bulls on Facebook. You may think the market has gone
too far, but the price on this stock will double or treble this year. Those who
believe in efficient markets may think that circumstances are stacked against
determined traders, but when we have excellent trading approaches, we have an
unbeatable advantage. I wouldn’t mention anything like permanent success in the
markets if it weren’t possible. It’s possible to enjoy trading and have permanent
success as a trader.
This forecast is ended with the quote below:
“My
objection to the system vendors is that they maintain that their system is all
that is required to be successful, whereas in reality it is the ability to
implement a system or strategy that determines success.” -
Malcolm Robinson
Azeez Mustapha
Market Analyst, Trading Signals Provider and Coach
Eye-opening trading lessons: Lessons for Expert Traders
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