Swing Trade Idea (FB) – August 4, 2021
Our bullish trade for Wednesday, August 4th is FB (Facebook Inc). FB is part of the Communications Sector (XLC). XLC has experienced a 0.37% decline in the last month and its 6M trend turned bullish on May 20th.
FB’s 6M trend turned bullish on March 11th and price has pulled back from all time highs to provide a good long opportunity. With a technical score of 9 (out of 10), FB is a very strong stock that will likely move higher.
As a close, if FB were to trade below $347.00 for multiple days, this would invalidate our analysis and we would focus on cutting losses on the trade. We also would consider cutting losses on this options trade if the value of the vertical spread moves below $6.57.
