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Technology Stocks : Meta Platforms, Inc. (Facebook)

META 615.90

-2.4%

1:32 PM EST

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To: Glenn Petersen who wrote (535)	5/21/2012 10:08:32 AM
From: Wayners	4 Recommendations of 3790

Here is a neat trick I always like to use with IPOs. You can use Fibonacci in reverse to find support levels. There are what I call ghost prices before any IPO ever opens for trading. How do you find the previous ghost high or low? Take your fib drawing tool and take the low of the solid body of the first day and draw backwards in time until the .382 line aligns with the top of the solid body. That gives you the upside target. For a downside target put the fib pointer on the top of the solid body for day one and draw backwards in time until the .382 line is at the low of the solid body for day 1. Using this method on FB I get a low of about $31.60. You can also use the high of the day instead of the solid body, and I get a low of about $27....it gets more accurate after about the first week as you typically see some kind of range for the first week then just apply the same method for the first week's solid body. I've been dumbfounded with the number of example of IPOs this method has worked or helped me take profits when necessary.

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