For all of the choppiness in the Nasdaq and tech stocks overall, Facebook is quietly having a good week. #FB just confirmed a breakout of a symmetrical triangle and this is...very bullish! There's some fundamental reasons for this, like Zuck giving up the privacy fight with Apple and the stock being added to the popular #GARP term which looks for stocks with Growth At a Reasonable Price.
But technically speaking, #FB has been in this sideways to down pattern for over 6-months and now it looks like we have a pattern change. That big green candle on the right-hand side of the chart is TODAY and if the stock can maintain this momentum and show continuation, the $350 - $400 price levels are in play.