Facebook (FB) rally continues into its 11th market day

NOV27 2040PST. Facebook (FB) shares are continuing a 35+ percent rally that began with shares below $19 on Monday, Nov 12. Ad Astra Hoya flagged the stock on Friday, Nov 9 with a headline noting that FB shares were approaching robust channel support.

Although FB shares have not closed higher on every single day over the last fortnight, the 5-minute candles chart below shows that price action remains firmly on the ascendent, and moreover still ensconced within a steeply-sloped, 2-week price channel.

FB. Oct 31 to present. 5-minute candles.

Zooming out to the hourly candles view of FB's history as a public company, i.e. since May 18th of this year, shares have climbed above a 3-month price channel, marked below in dashed red, and paused today just underneath the horizontal support of $26.73, which was the intraday low on July 26th and is significant because, on the following day, FB shares gapped lower by a few dollars.

Interestingly, today's intraday high was $26.50, which is still $0.23 shy of the horizontal resistance point. A push beyond $26.50, perhaps halting only a few pennies shy of $26.73, may be in the cards later this week.

FB. May 18, 2012 to present. Hourly candles.