Friday, December 6, 2019
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Technical Analysis – Facebook stops near 9-month highs

Facebook stock stops near 9-month highs; positive risks not faded yet.

Facebook stock price advanced to a fresh one-month high of 195.00 yesterday before ending the day in the red.

Momentum indicators signal is neutral to bullish with the RSI flattening in the positive territory and the MACD stretching to the upside above the trigger and zero lines. However, the red Tenkan-Sen line, which is above the blue Kijun-Sen line, looks to be heading north. Also, the price successfully overcame the Ichimoku cloud, suggesting that more gains would follow.

An advance could stop at the nine-month high of 197.18 while if there a sharp increase above this crucial level the price could meet the multi-month peak of 218.44.

A downside structure in the stock may encounter immediate support near the 184.55 level, which is the 50-day simple moving average (SMA). The next support levels are coming from the 23.6% Fibonacci retracement level of the bullish rally from 123.30 to 197.18 near the 180.00 psychological level.

Briefly, the stock price is in the process to post a higher high above 197.18, endorsing the recent bullish view in the short- and medium-term timeframe.


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Disclaimer:
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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