Triple Top Pattern
FB is displaying a triple top pattern. We can see three highs within a 10.5% range. Resistance is set at $82.00 and support at $73.35. I have also included a horizontal channel to display the midpoint, where we can also see a support/resistance held within the triple top pattern. I added a clone underneath, because this is where we could also find support for the midpoint around $69, and the ultimate prize at $64.70.
Where this trade could go wrong.
If FB breaks above the previous high (2nd peak) by 3%, we would no longer have a triple top pattern. It is possible the third top does hang closer to the $82 mark and above midpoint. Our first peak undershot it's target, so in cases like this we see a longer/upward trending 2nd or 3rd peak.
FB is displaying a triple top pattern. We can see three highs within a 10.5% range. Resistance is set at $82.00 and support at $73.35. I have also included a horizontal channel to display the midpoint, where we can also see a support/resistance held within the triple top pattern. I added a clone underneath, because this is where we could also find support for the midpoint around $69, and the ultimate prize at $64.70.
Where this trade could go wrong.
If FB breaks above the previous high (2nd peak) by 3%, we would no longer have a triple top pattern. It is possible the third top does hang closer to the $82 mark and above midpoint. Our first peak undershot it's target, so in cases like this we see a longer/upward trending 2nd or 3rd peak.
