Facebook (FB) Closes Prior Hour Up 0.23%; is Inching Close to 20 Day Average, Heads Down For the 4th Straight Day, Crosses 20 Day Moving Average

The Hourly View for FB

Last Updated October 20, 2020, 10:9 GMT

Currently, FB’s price is up $0.12 (0.05%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved down. If you’re a trader with a preference for rangebound markets, you may wish to note that there isn’t a clear trend on the 20, 50 and 100 hour timeframes. Price action traders may also wish to note that we see a pin bar candlestick pattern on FB. Given that we see downtrend on the 20 and 10 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 choppiness in price, as the are all in a mixed alignment — meaning the trend across timeframes is inconsistent, indicating a potential opportunity for rangebound traders.

Facebook Inc Daily Price Recap

Facebook Inc closed the day prior down 1.7% ($4.53); this denotes the 4th straight day a decline has happened. This move happened on lower volume, as yesterday’s volume was down 21.17% from the day before — and down 19.23% from the same day the week before. Below is a daily price chart of Facebook Inc.

FB

Facebook Inc Technical Analysis

First things first: Facebook Inc crossed below its 20 day moving average yesterday. The clearest trend exists on the 90 day timeframe, which shows price moving up over that time. For another vantage point, consider that Facebook Inc’s price has gone up 7 of the previous 14 trading days.

Overheard Around the Web

Over on StockTwits, here’s an example of what they’re saying about FB:

    Here is Some of What We Know About Hunter Biden, Imagine What President Trump Knows…

    $FB $TWTR

    “Do we have 2 systems of justice, 1 for Democrats and 1 for Republicans?” — Paul Ebeling

    President Trump called out The Biden Family as corrupt and criminal and said it is only because US Attorney General Bill Barr is nice’ that his Democratic rival was not “locked up 5 weeks ago” signaling the President knows a lot more that we do.

    What we know…

    https://www.livetradingnews.com/here-is-some-of-what-we-know-about-hunter-biden-imagine-what-president-trump-knows-198665.html

    PaulEbeling