Facebook Inc (FB) Up 0.81%, Crosses 20 Day Moving Average; Pin Bar Pattern Appearing on Chart

The Hourly View for FB

Last Updated November 30, 2020, 12:13 GMT

At the time of this writing, FB’s price is up $0.83 (0.3%) 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 trend trader, consider that the strongest clear trend on the hourly chart exists on the 20 hour timeframe. Regarding moving averages, it should first be noted that price has crossed the 100 hour moving average, resulting in them so that price is now turning above it. The moving averages on the hourly timeframe suggest a choppiness in price, as the 20, 50 and 100 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

277.81 was the closing price of the day for Facebook Inc, resulting in today being one in which price moved up 0.81% ($2.22) from the day prior. This move happened on lower volume, as yesterday’s volume was down 37.18% from the day before — and down 48.08% from the same day the week before. The daily price chart of Facebook Inc below illustrates.

FB

Facebook Inc Technical Analysis

Notably, Facebook Inc crossed above its 20 day moving average yesterday. Volatility for Facebook Inc has been contracting over the past two weeks relative to volatility over the past month. Whether volatility reverts will be something to watch. Or to view things another way, note that out of the past 30 days Facebook Inc’s price has gone down 16 them. As for those who trade off of candlesticks, we should note that we’re seeing pin bar pattern appearing here.

Overheard Around the Web

Here’s what one trader on StockTwits recently had to say in regards to FB:

    $FB $SNE
    Facebook Inc (NASDAQ: FB) has partnered with Sony Corporation’s (NYSE: SNE) Indian unit to bring video-on-demand content of India’s ongoing cricket tour of Australia.What Happened: The Mark Zuckerberg-led company’s digital content partnership with Sony Pictures Networks India (SPNI) spans multiple cricket formats including four test matches, according to India’s Moneycontrol portal.Match highlights including best catches and best wickets would be available on Sony Sports India’s Facebook Page, which will allow users to watch moments they missed during the live-action, as per Moneycontrol.Why It Matters: This month, Amazon.com, Inc’s (NASDAQ: AMZN) Prime Video snagged the rights to broadcast cricket matches between India and New Zealand, according to local Indian media.
    https://www.benzinga.com/news/20/11/18568545/facebook-joins-amazon-disney-in-indias-hot-cricket-streaming-market
    View the full list of news/momentum plays on watch at : bit.ly/32GfaRt
    [No bias / position]
    [Find me at https://stocktwits.com/sbiswas | https://twitter.com/soumyajyoti_b]"

    sbiswas