Facebook is entering a key technical level, reports, Carolyn Boroden.

Facebook (FB) has rallied from our recent buy set-up, bouncing off our Fibonacci price projection zone just above $200, triggering a buy entry. The potential target, if that $200 level is a more important low, is the 1.272 extension at $230.    

The initial definition of risk was below the recent low made into the support zone. Although I do believe that the 1.272 target is possible, FB is currently moving into what I like to call a hurdle. If the setup is going to play out fully, FB needs to clear an important zone of resistance between $212.76 and $215.36. This zone includes a 61.8 Fibonacci retracement of the prior swing, along with a 100% projection of a prior rally swing. 

If we do push through this zone, the odds increase for a continued rally towards the upside target around $230 area. A failure to clear this same key zone leaves us vulnerable to more downside. Consider it an inflection point and trade accordingly.      

See more of our analysis on Facebook as well as on Apple (AAPL), Amazon (AMZN), Alibaba (BABA), Alphabet (GOOGL), Netflix (NFLX), Nvidia (NVDA), Roku Inc. (ROKU) and Tesla (TSLA) in our video (link below).

See: video here.

Carolyn Boroden, also known as the "Fibonacci Queen," is an analyst at ElliottWaveTrader.net, where she covers U.S. equity indices, precious metals, and individual stocks.