FB will be added here as an active short as it backtests this horizontal resistance line following the recent breakdown of this bearish rising wedge pattern. Current price is 30.90 and price will likely reverse soon or push a little higher to completely backfill today’s gap (31.24) and/or the bottom of the wedge (about the same level as the top of the gap). First and only target at this time is 27.50 but additional targets may be added if the trade begins to get some traction. An ideal stop would be over the 31.80 area.
Based on the relative volatility (beta) on FB, probably best to use about a 0.75 (three-quarters) or so position size (relative to one’s normal or average position size) on this stock.