Facebook stock flies near 8-month peak; bullish outlook in the medium term.
The Facebook stock price pulled back from the two-year low of 123.30, registered in December 2018, and is currently resting slightly above the 61.8% Fibonacci retracement level of the down leg from 218.44 to 123.30 near 182.18. The price is meeting a fresh eight-month high of 184.15 after the completion of a ‘golden cross’ between the 50- and 200-simple moving averages (SMA).
Technically, the stochastic is detecting upside momentum as it is approaching the overbought zone, while the MACD is gaining momentum above its trigger line in the positive territory.
Another wave of gains could stop at the 188.00 resistance and if bullish pressures fail to halt below this line, the market could open the door for the 192.00 level, posting a new higher high in the medium-term.
On the other side, downside reversal in the stock may encounter immediate support near the 180.00 level. The next support is coming from the 174.29 level and the 50.0% Fibonacci of 170.82.
Concluding, the market remains in a positive mode as it surpassed the 61.8% Fibonacci and hovers above the long-term SMAs.
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