$FB = Monthly Candlespeak = 31.10.2021 #FB #Facebook #Investing #faang

$FB looks like expecting the lower prices in November. The monthly candle in October had a chance to make something bullish, but it did not. The monstrous quarterly Hammer fully outside of BB knew that something, such as rebranding, was going to happen. Let’s explore.

CANDLES

Quarterly
The quarterly candle formation was very bearish. A bearish Hammer/Harami/Spinning Top all in one. And this bear darling closed above BB in oversold condition.
There is a tiny chance that this candle is canceled by bulls in the next 3 months, but in this case it will just exaggerate the technical conditions. E.g. the price will move further above BB and a reversal would be even stronger.
Odds: Strong Bearish

Monthly
As I forecasted a month ago “At least one month of lower prices was expected and it looks like FB won’t disappoint the bears in October. The odds of a multi-month correction are also very high.”
$FB closed October with a bearish continuation candle on a higher volume. The other monthly indicators are aligned with a further move down. The odds for a red November are quite high.
Odds: Strong Bearish

However, the monthly bearish odds don’t mean that a multi-day or ever a multi-week rally is possible.

Weekly
While the weekly price is well below 8 EMA and is thinking about crossing 50 MA, the candle suggests that a little rally is possible. The odds would still be bearish unless one of the following weeks closes above ~$340.
Odds: Neutral-Bullish

Daily
The daily formation signals a possible rally early next week. I would still view it as a very short term one. However, if at least two candles in a row close above ~$330, this could be a first bullish statement.
Technically, PSAR is bearish, 50/100 MA bearish cross, the price is at 8 EMA, just above 200 MA. Some indicators diverge positively.
We will see how it develops next week.
Odds: Neutral-Bullish

Summary: The odds are bearish on the bigger frames, but are neutral-bullish on the daily and weekly.
Most likely, FB could produce a rally for a week or two, but the chances of closing November in red are higher at this point.
We will see how this new name gonna fly.

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