Facebook Does it Again: Heads Down for the 2nd Straight Day

The Hourly View for Facebook

  • At the time of this writing, FB’s price is up $0.16 (0.05%) from the hour prior.
  • This is a reversal of the price action on the previous hour, in which price moved down.
  • Regarding the trend, note that the strongest trend exists on the 50 hour timeframe.
  • Price action traders may also wish to note that we see a pin bar candlestick pattern on Facebook. Given that we see downtrend on the 20 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting.
  • The moving averages on the hourly timeframe suggest a bearishness in price, as the 20, 50, 100 and 200 are all in a bearish alignment — meaning the shorter duration moving averages are below the longer duration averages, implying a stable downward trend.

Facebook’s hourly price chart is shown below.


The Daily View for Facebook

  • At the moment, FB’s price is down $-4.76 (-1.46%) from the day prior.
  • This is the 2nd day in a row Facebook has seen its price head down.
  • If you’re a trend trader, consider that the strongest clear trend on the daily chart exists on the 20 day timeframe.
  • The moving averages on the daily timeframe suggest a choppiness in price, as the 20, 50, 100 and 200 are all in a mixed alignment — meaning the trend across timeframes is inconsistent, indicating a potential opportunity for rangebound traders.
  • Divergence between FB’s price and its RSI may be manifesting. As such, be on the lookout for trend reversal in FB’s price.

Below is a daily price chart of Facebook.


Featured Facebook Idea From TradingView

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