Trade of the Day: Facebook (FB)

We're anticipating a move to new all-time highs

By John Jagerson and Wade Hansen, Editors, SlingShot Trader

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Today, we’re opening a new bullish trade on Facebook (NASDAQ:FB). We have been watching FB since earnings earlier this month for signs of a breakout.

The stock jumped from the $180 level to a high of $182.90 on Nov. 1 following its earnings release, but it then went through a two-week consolidation period that took shares back down to $176.40. Now, after several big up-days, those prior highs are being challenged again.

This recommendation may be a little bit early, but online shopping numbers look more than good enough to justify our entry.

From a technical perspective, FB is about to complete a short-term “cup-and-handle” pattern, with a prospective move near $190 in the short term.

‘Buy to open’ the FB January (2018) 190 Call (FB180119C00190000) for a maximum price of $2.45.

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You can learn more about identifying price patterns and using them to project how far you think a stock is going to move in our Advanced Technical Analysis Program.

InvestorPlace advisers John Jagerson and S. Wade Hansen, both Chartered Market Technician (CMT) designees, are co-founders of LearningMarkets.com, as well as the co-editors of SlingShot Trader, a trading service designed to help you make options profits by trading the news. Get in on the next SlingShot Trader trade and get 1 free month today by clicking here.


Article printed from InvestorPlace Media, https://investorplace.com/2017/11/trade-of-the-day-facebook-fb/.

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