Facebook (NASDAQ: FB) Rebound Builds Up Further As Bulls Breach Key Barrier Level
Facebook Inc. is hovering near $262.37, up roughly 2%. The social network magnate of Mark Zuckerberg is steadily reaching the valuation mark of $1 trillion. The US is placing bans on Hong Kong Chief Carrie Lam and other leaders in reaction to the measures on TikTok. This contributes to the Sino-American decoupling fears that NASDAQ: FB gains from.
Facebook (NASDAQ: FB) traded somewhat higher on Tuesday, after breaching the key barrier level at 258.13 to close at 262.37 level, above its moving average 5 and 13. Even so, a breakout to new highs appears unlikely at this time as a recent move might be a correction.
Resistance levels: 305.64, 290.74, 279.35
Support Levels: 244.11, 226.77, 207.93
FB Daily Price Chart
FB ended Tuesday at 262.37, obtaining $4.97 (1.94 percent), heading higher for the 4th consecutive day. Shutting beyond the high of Monday at 259.60 level, it reinforced its rebound after trading up to $2.77 beyond its intraday from the prior session high.
The trading range for Tuesday was beneath the daily average range for the last trading month. Also, FB volatility is weaker, being beneath the normal trading range of the market. Presently, the longer-term uncertainty is marginally higher than average for FB.
At 258.13 level, which is capable of serving as support, in the long run, the buyers succeeded in taking out the key technical resistance level. The momentum slowed down at the 263.00 level after spiking up to the 263.09 level throughout the day. While the stock has emerged from recent lows at 244.11 level, before the next sell-off, this may only be a reversal leading to the next resistance level at 279.35.
The Relative strength indicator 8 crossed the Moving Average 8 to the upside and have left from the oversold technical readings in an attempt to trend higher, with both elements predicting the stock will trend out to the medium-term high level at 279.35 before heading lower.
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