Facebook Forms Another Bearish Engulfing Candle

By | October 20, 2015

Facebook (FB) has defined a short series of recent highs with bearish engulfing candles and it formed another in today’s session. This candle occurs when the “real” or opening and closing range of a dark candle encompasses the real or overall range of the previous day’s candle. Engulfing candles formed near the August and September highs and before a brief pullback in October. This latest candle comes after a return to the July high and if there is a subsequent pullback of any duration, it could initiate talk of a potential double top.

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