Facebook (FB) Price Near $254.91; Crosses 50 Day Moving Average, Heads Down For the 2nd Day In A Row, in a Downtrend Over Past 14 Days

The Hourly View for FB

Last Updated September 17, 2020, 23:15 GMT

Currently, FB’s price is down $-4.31 (-1.64%) from the hour prior. It’s been a feast for bears operating on an hourly timeframe, as FB has now gone down 8 of the past 10 hours. Regarding the trend, note that the strongest trend exists on the 100 hour timeframe. 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, 10 and 5 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 bullishness in price, as the 20, 50 and 100 are all in a bullish alignment — meaning the shorter durations are above the longer duration averages, implying a sound upward trend.

Facebook Inc Daily Price Recap

Facebook Inc closed yesterday down 3.3% ($8.7); this denotes the 2nd day in a row it has gone down. As for how volume fared, yesterday’s volume was up 6.2% from the previous day (Tuesday), and up 25.35% from Wednesday of the week before. Let’s take a look at the daily price chart of Facebook Inc.


Facebook Inc Technical Analysis

Moving average crossovers are always interesting, so let’s start there: Facebook Inc crossed below its 50 day moving average yesterday. Trend traders will want to observe that the strongest trend appears on the 14 day horizon; over that time period, price has been moving down. Or to view things another way, note that out of the past 30 days Facebook Inc’s price has gone up 15 them.

Overheard Around the Web

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

    $XLK $FB $AAPL $QCOM I recognized early on in the pandemic cycle, that $AMZN was not be treated like the bulk market of stocks. Seeing the strength, verifying the stochastics and rationalizing the fundamentals, I bought shares at $1848. I was able to sell the finally tranche $3216. But now…