Facebook Inc. has become impulsive and non-volatile after bouncing from $245 to $250 support level. Facebook Inc. climbed over $270 psychological event level. Will Facebook Inc. recover further upward 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.
January 26, 2020, | AtoZ Markets – Facebook Inc. is currently trading around $278 price area and trying to push higher. After rejecting $280 to $278 resistance level, the bears have regained momentum and pushed downside impulsively. However, it failed to break below $250 to $245 support area. As per the current price action, the price may face strong resistance around $280 to $278 area in the coming days.
In addition, Facebook declared it will begin revealing its Facebook News product in the United Kingdom last week and will pay distributors for their content. Moreover, Facebook News is a dedicated segment inside the Facebook application that highlights curated and customized news from many countries, neighborhoods, and way of life publications. However, the item, which races against Apple News, dispatched in the United States last June and the United Kingdom is the subsequent nation to gain admittance to it.
Facebook Inc. Climbed Over as the Investors Are Still Optimistic
FB is currently residing near $278 price area and trying to recover upward. However, the price is currently facing strong resistance at the Kumo Cloud on the intraday chart.
Image: FB 4 Hour Chart
According to the 4-hour chart, Facebook Inc. climbed over and currently trading around $278 price area. As per the current price action, if the price can have a 4-hour bearish candle close below $280 to $278 price area, the price may retrace towards $270 to $265 price area in the process. So, if the price retraces towards $270 to $265 price area and bounced upside with an impulsive bullish candle, the bulls may recover higher towards $278 to $280 price area as a first target. The second target will be $290 to $295 price area if the price can break above $278 to $280 price area in the coming days.
In addition, the dynamic level of 20 EMA is currently residing below the price. Along with the Kijun line and the Tenkan line. So, the dynamic level may act as a strong support to push the price upside. Besides, the Kijun line and the Tenkan line may work as a confluence of the dynamic level in the process.
FB May Hold the Bullish Momentum
According to the daily chart, Facebook Inc. climbed over as the bulls are still optimistic. As per the current scenario, if the price breaks above $278 to $280 price area with a daily bullish candle, the bulls may recover upside towards $295 to $300 price area in the coming days. Alternatively, if the price pushed downside and breaks below $270 to $265 price area with an impulsive bearish candle, the bears may regain momentum and decline towards $250 to $245 price area in the days ahead.
Image: FB Daily Chart
Furthermore, the dynamic level of 20 EMA is currently residing below the price. It may work as strong support to push the price upward in the process. Also, the MACD lines are currently residing below the 0.00 level and had a bullish crossover. It indicates that bulls may sustain the bullish bias further in the coming days.
To conclude, as long as the price residing over $265 to $270 support level, the bias will remain bullish. A daily close is required to identify the definite momentum in the days ahead.