Facebook stock eases around 1-year peak; retains a bullish outlook.

The Facebook stock price is hovering around the one-year high of 205.40 but it is holding well above the 50- and 200-day simple moving averages (SMAs). Momentum indicators are looking to lose steam as the MACD fell beneath the trigger line and the RSI is flattening in the positive territory, suggesting a downside correction.

An advance could stop at the multi-month high of 218.44, taken from the peak on July 25, before posting a fresh all-time high.

A downside structure in the stock may encounter immediate support near the 197.18 and the blue Kijun-Sen line near 194.67. The next support levels are coming from the 50-day SMA currently at 187.67 and the 23.6% Fibonacci retracement level of the bullish rally from 123.30 to 205.40, near 186.

In brief, the stock price is in the process to post a higher high above the one-year top, endorsing the recent bullish view in the long-term timeframe.


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This information is not considered as investment advice or investment recommendation but instead a marketing communication. This material has not been prepared in accordance with legal requirements designed to promote the independence of investment research, and that it is not subject to any prohibition on dealing ahead of the dissemination of investment research.

Source: XM

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