On most weeks, you could look at the PayDayCycle set-up now presenting itself in Facebook (NASDAQ:FB.) as a potential bullish swing trade.

But as the Brits ponder their own fate, and maybe even the broader economic picture, this week’s anticipated volatility should make traders, at the least, a bit wary.

FB ended the day in the black at $113.37, continuing to remain below the year’s bullish trendline (as seen in the chart’s gold diagonal line.) The new line of support at $112.50 has held up over the last couple of sessions, though a negative Brexit reaction could easily send the stock down to the next level of support at $106.35, which proved robust back in April.

Resistance for FB is at $116, which was recent support until failing to hold up last week. Additional resistance is likely to be encountered at that same point courtesy of the stock’s 50-day MA.

FB PayDayCycle Status is now at -1 to neutral, ending Monday’s session in a red doji, and which was a higher low than Friday’s close. The stock is now in the 10th day of a bearish PayDayCycle, its longest of the year.

PayDayCycles are 4-8 day trends in stocks that help people swing trade. To learn more about PayDayCycles make sure to grab the free Swing Trading Class on the right sidebar.

The MACD remains crossed over to the bears, though today did leave a large green bar, the first one in over 9 days. In spite of that, bearish momentum remains in effect.

Bottom line: You could look at the FB set-up now presenting itself as a potential bullish swing trade, should a green PayDayCycle bar be generated tomorrow. But with the Brexit event on the near-term horizon, a more prudent approach might be warranted, and keeping your powder dry for next week might not be a bad call.