Facebook’s stock price is climbing again above the crucial 280.16 barrier and its simple moving averages (SMAs) after a bearish movement towards 243.57. Currently, the price is trying to pare some losses and shift the short-term bias back to positive. The MACD oscillator is extending its upside movement above its trigger and zero lines, while the RSI is strengthening its momentum above its neutral threshold of 50.
In the event the recovery continues, resistance could initially emerge near the all-time high of 304.55 before the market challenges new paths around the next psychological numbers of 305.0 and 306.00.
On the other side, in case the market reverses lower, immediate support could come from the 50-day simple moving average (SMA) at 269.14, while lower, the 23.6% Fibonacci retracement level of the upward wave from 137.34 to 304.55 at 264.81 could be the next target. Below the latter, the stock could diminish towards the 243.57 level and the 38.2% Fibonacci of 240.81.
Summarizing, Facebook’s stock continues to hold a horizontal trajectory in the short term and a bullish tendency in the long-term timeframe.
Facebook’s stock price is climbing again above the crucial 280.16 barrier and its simple moving averages (SMAs) after a bearish movement towards 243.57. Currently, the price is trying to pare some losses and shift the short-term bias back to positive. The MACD oscillator is extending its upside movement above its trigger and zero lines, while the RSI is strengthening its momentum above its neutral threshold of 50.
In the event the recovery continues, resistance could initially emerge near the all-time high of 304.55 before the market challenges new paths around the next psychological numbers of 305.0 and 306.00.
On the other side, in case the market reverses lower, immediate support could come from the 50-day simple moving average (SMA) at 269.14, while lower, the 23.6% Fibonacci retracement level of the upward wave from 137.34 to 304.55 at 264.81 could be the next target. Below the latter, the stock could diminish towards the 243.57 level and the 38.2% Fibonacci of 240.81.
Summarizing, Facebook’s stock continues to hold a horizontal trajectory in the short term and a bullish tendency in the long-term timeframe.
The post Technical Analysis – Facebook stock extends recovery above SMAs first appeared on XM.
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