Hubert Senters here.
Let’s take a look at Facebook. Facebook got a little bit of a relief rally or a dead cat bounce here and you can see that it broke through the support area of $170. And then we know we’ve got another supporter area right here in this area. It bounced off at $162 area.
It’s probably going to go substantially lower. I would tighten up if you’re short and I’m kind of talking out of both sides of my mouth here kind of politician wise. We got FOMC tomorrow. I don’t want you to get hurt. So if you’re short or long on Facebook you might want to just reset the position after you get past FOMC.
You do not know what they’re going to do. They’re probably not going to drop right. They’ll probably increase them or keep them the same. I don’t think they’re going to drop them. But you just never know. Like they’re crazy. You never know what they’re going to do or why they’re going to do it. So why take the chance.
So my advice is if you’re short. Not a bad idea to cover up some, if you’re long not ideal to go find and wait until you get past to FOMC and then you can always re-establish from them.
I think it’s going to go lower, longer term. I think it’s going to go back down here to $151 and it could go even lower than that. But we do have a little gaggle of support around the one safety area.
Good luck. Hope it helps. And I’ll see you on the next video.
Hubert.
