Facebook Inc. bulls have regained momentum after bouncing from $300 to $305 support level. Can Facebook Inc. hold its bullish momentum and reach $350 price area in the coming days? What are the charts and technical indicators are saying? Read more to find further insights into today’s FB Technical Analysis.
May 25, 2021, | AtoZ Markets - Facebook Inc. is currently trading around $325 price area and trying to push downside. After hitting an all-time high of $330 to $335 price area, the bears pushed the price down quite impulsively and reached $305 to $300 support level. However, the bears failed to break below $305 to $300 support area. Afterward, the bulls took over the market again. As per the current price action, the price may face strong resistance around $335 to $330 key area in the coming days.
Facebook Inc. Hold Its Bullish Momentum as Investors Are Optimistic
Facebook is currently residing near $325 price area and trying to push upward. However, the price also broke over the dynamic level of 20 EMA on the daily chart.
Image: FB 4 Hour Chart
According to the 4-hour chart, Facebook Inc. holds its bullish momentum and currently trading around $325 price area. As per the current scenario, the price may retrace downside towards $320 to $315 support area in the process. So, if the price retraced towards $320 to $315 support level and bounced upside with an impulsive bullish candle, the bulls may push the price upward towards $330 to $335 key area in the coming days.
In addition, the dynamic level of 20 EMA is currently residing below the price. Along with the Bollinger Bands middle band. So, the dynamic level may act as a strong support to push the price higher. Besides, the Bollinger Bands middle band may work as a confluence of the dynamic level in the days ahead. However, the price is currently facing resistance at the Bollinger Band's upper band. It indicates that the price may retrace down in the process.
FB May Continue Its Bullish Trend
According to the daily chart, Facebook Inc. holds its bullish bias as the bulls are still optimistic. As per the current price action, the price may recover higher towards $330 to $335 price area in the coming days. So, if the price can break above $330 to $335 price area with an impulsive daily bullish candle close, the bulls may sustain the bullish bias towards $345 to $350 price area in the process. Alternatively, if the price rejects $335 to $330 key resistance area with an impulsive bearish candle, the bears may regain momentum and push the price downward towards $320 to $315 price area in the days ahead.
Image: FB Daily Chart
Moreover, the dynamic level of 20 EMA is currently residing below the price. So, it may hold the price as strong support in the process. Besides, the MACD lines are currently residing above the 0.00 level and had a bullish crossover. It indicates that the bulls may continue the bullish pressure further in the coming days.
To conclude, after an extended period of volatility, the bulls have successfully regained momentum. As the overall momentum is still bullish, there is a high chance that the bulls may continue the bullish bias further in the coming days.