Chart Master Says Time to Unfriend Facebook
Options Action Chart Master, Carter Worth says it’s time to fade the Facebook 23% year-to-date rally. The relative strength index is in an overbought condition, the moving average convergence/divergence oscillator has been tracking in negative divergence to price, and Chaikin money flow dropped below its 21 period signal average. But oscillators can stay in overbought or oversold conditions for long periods of time and Chaikin money flow is still in positive territory. The Chart Master will, at some point, be correct but it is hard to short the “F” in the FANG acronym without further confirmation.