Facebook is Down for the 2nd Day in a Row

The Daily View for Facebook

  • Currently, FB’s price is up $0.85 (0.28%) from the day prior.
  • This is the 2nd day in a row Facebook has seen its price head up.
  • 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 day timeframes.
  • 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 and 10 daily candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting.
  • 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.

Facebook’s hourly price chart is shown below.

FB

The Daily View for Facebook

  • At the time of this writing, FB’s price is down $-3.03 (-0.99%) from the day prior.
  • It’s been a feast for bears operating on the daily timeframe, as Facebook has now gone down 8 of the past 10 days.
  • As for the trend on the daily timeframe, we see the clearest trend on the 100 day timeframe.
  • The moving averages on the daily timeframe suggest a bullishness in price, as the 20, 50, 100 and 200 are all in a bullish alignment — meaning the shorter durations are above the longer duration averages, implying a sound upward trend.

Below is a daily price chart of Facebook.

FB

Featured Facebook Idea From TradingView

Below is a trading comment entitled FB on watch you may find interesting:

FB has earnings 10 days from now. I like the inside week close after breaking above a multi week consolidation. I would go long on a break of the tan box to fib and dotted line targets. If it falls back below the tan box I’m no longer interested.

WadeYendall