As expected Facebook (NASDAQ:FB) is getting stronger after the covid-19 coronavirus retracement. The virus was just the trigger needed for Facebook stock to be a bargain providing many long term investor the opportunity to buy thousands of Facebook shares at a very cheap price.
We have discussed Facebook stock technical analysis and forecast in the past few months, more thoroughly and detailed in Set and Forget’s stock trading community, we had no reason to sell shares of Facebook stock because there was a long term long bias. Obviously, if you are an intraday trader trading short term positions on Facebook stock, you will have plenty of trading opportunities to buy and sell shares of Facebook stock or use all kind of stock options strategies to trade in any direction, bullish or bearish.
We can see in Facebook’s weekly timeframe attached below how all time highs around $224 per share have been broken and an imbalance is in the making around $216. For long term stock traders, swing stock traders and stock scalpers, there is only on direction to trade in this scenario, buying shares of Facebook stock.
You can use these imbalances to plan your trades in lower timeframes. Trading is just waiting for the right trigger points and scenarios to present themselves, this game has got a name and it’s called the waiting game. We need to patiently wait for the correct scenarios and setups to happen and wait for the price to pull back or dip into the price levels we want to trade, in our case these price levels are made of supply and demand imbalances.
If you want to learn how to trade using our supply and demand trading strategy, join our supply and demand stock trading course.
There are several ways of buying stocks and futures. When trading stocks, you can buy shares of the underlying stock or use options strategies to go long or short at these specific supply and demand levels, long calls or long puts or spreads. You can even buy a Facebook CFD (contracts for difference) if you are in a country where it’s allowed.
You can see more analysis like this in our best stock trend analysis page.
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