The charts of Facebook (FB) are "interesting" at this point in time and so is the news that the company is facing an antitrust suit brought by the Federal Trade Commission (FTC) and a coalition of 48 state/territory AGs. A triangle formation has been unfolding since August and we could be close to a breakout. The $64,000 question is the breakout going to be on the upside or the downside?
Let's check out the charts to see what clues we can uncover.
In the daily bar chart of FB, below, we can see lower price highs since late August and higher lows from late September. The trading pattern has gotten tighter and tighter between highs and lows. Trading volume has diminished over the past three months or so and that is typical during triangles. The On-Balance-Volume (OBV) line shows a slight decline from late August suggesting that sellers of FB have been slightly more aggressive.
The Moving Average Convergence Divergence (MACD) oscillator has been hugging the zero line since late September.



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