Social media giant Facebook, Inc. (FB) is one of the top momentum stocks of 2017 but could end the year with a negative weekly chart. I view myself as a power user of the Facebook with nearly 5,000 Friends and two fan pages under my control. I even did some Christmas shopping for some interesting items on Facebook. With the company also acting as an online retailer, you can buy items with the click of a mouse on your PC or laptop, or by using the Facebook App on your handheld device.

The stock closed Wednesday at $177.99, up 54.4% year to date and in bull market territory at 53.8% above its 52-week low of $115.51 set on Jan. 3. The stock set its all-time intraday high of $184.25 on Nov. 28, the day after Cyber Monday, and it is currently 3.6% below that level. (See also: Why Facebook Will Keep Making Money.)

Here's how the numbers worked in 2017

Facebook closed 2016 at $115.05, and my annual value level of $109.79 never came into play. At mid-year, the stock closed at $150.08, and my semiannual risky level of $180.34 became my upside target, which was first tested on Oct. 30. This level has been a pivot (or magnet) since then, and the stock set its all-time intraday high of $184.25 on Nov. 28.

The daily chart for Facebook

Daily technical chart showing the performance of Facebook, Inc. (FB) stockCourtesy of MetaStock Xenith

Facebook stock has been above a "golden cross" since Feb. 1, when it closed at $133.23. A "golden cross" occurs when the 50-day simple moving average rises above the 200-day simple moving average and indicates that higher prices lie ahead. The horizontal line shows the semiannual pivot of $180.34, which has been a magnet since Oct. 30.

The weekly chart for Facebook

Weekly technical chart showing the performance of Facebook, Inc. (FB) stockCourtesy of MetaStock Xenith

The weekly chart for Facebook is neutral, with the stock lined up on its five-week modified moving average of $177.62. The stock is well above its 200-week simple moving average at $109.78, which is also the "reversion to the mean." The 12 x 3 x 3 weekly slow stochastic reading is projected to end this week by sliding to 72.57, down from 76.40 on Dec. 22 and declining below the overbought threshold of 80.00. A close on Friday below $177.62 would result in a negative weekly chart.  

Given these charts and analysis, it appears that Facebook will begin 2018 below new monthly, quarterly, semiannual and annual risky levels, likely within the range of $186.87 to $202.64. This configuration provides a warning to reduce holdings by 25% over the next two trading days. (For additional reading, check out: Buying Facebook Stock, a Beginner's Guide.)

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