Facebook Stock and Options Breakout Above Resistance Zone
Facebook (FB) has been a good, and persistent day trade for us, breaking out above five resistance (AOI) zones over the past couple of weeks. Bullish follow-through in the stock has taken out ever higher levels as price action glides along the rising 20ema. We’ll keep day trading Facebook until the pattern changes.
Facebook (FB) 60 Minute – Breakout
The 60-minute chart reflects bullish sentiment, as price took out 129.74, then 134.99, 135.92, 137.51 and yesterday surpassing the 145.36/145.93 pivot(s). RSI has remained above 50 for the most part, confirming the bullish trend.
Facebook (FB) Daily – Targets
Additional targets overhead are 156.40 then 160.49. Earnings are Wednesday, January 30, after the closing bell, so we should see the 156.40 pivot target in short order, if and only if the markets continue higher.
We’ll continue day trading Facebook (FB) options and common as the stock follows-through.
Additional Stock Setups
Canopy Growth (CGC) obtained licensing to build Cannabis (hemp) facilities in New York State yesterday. The news is being heralded for a second day this morning. We already have a position, so we are looking for flags on shorter time-frames for entries on any day trades. We’ll look for volume at key closing levels (40.88), as the stock is higher (+0.61) in early trading.
Nvidia (NVDA) 60 Minute
Nvidia (NVDA) faded a little at the close, so we are watching this morning as the stock trades higher in the pre-market session. Currently, NVDA is (+1.36) / 151.80 on 80,000 shares. A solid move above the resistance pivot (AOI) shown should lead to the next level at 153.38, if the indices cooperate and trend bullish today.
We have placed our stops just below 149.50, the lows printed in the Monday evening session.
Banks are reporting mixed results this morning. Citigroup (C) reported on Monday and the stock shot higher. JPM is out this morning with its earnings results with the stock off by (-2.59%). Look for buyers to step up.
Futures are currently pointing to a bullish open.
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Happy Trading,
Vinny
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