Facebook Inc. has become volatile and currently residing inside the ranges of $267 to $255 price area. Facebook Inc. faced resistance around $265 psychological event area. Will bears push the price lower 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.
March 9, 2021, | AtoZ Markets – Facebook Inc. is currently trading around $255 price area and trying to push downside. After rejecting $275 to $272 price area, the bears pushed the price downside, but failed to break below $255 to $252 price level. As per the current price action, the price may face strong support again around $255 to $252 support level in the coming days.
Facebook Inc. Faced Resistance as the Bears Are Optimistic
Facebook is currently residing near $255 price area and trying to decline further. However, the price broke below the dynamic level of 20 EMA on the intraday chart.
Image: FB 4 Hour Chart
According to the 4-hour chart, Facebook Inc. faced resistance and currently trading around $255 price area. As per the current price action, if the price breaks below $255 to $252 support area with an impulsive bearish candle, the bears may sustain the bearish pressure towards $245 to $240 area in the process. Alternatively, if the price bounced higher from $252 to $255 price area with a bullish candle, the bulls may regain momentum and recover higher towards $265 to $267 price area again in the coming days.
Furthermore, the dynamic level of 20 EMA is currently residing above the price. So, it may work as strong resistance to push the price down. Besides, the MACD lines are currently residing below the 0.00 level and gradually moving downside. It indicates that the bears may continue the bearish pressure further in the days ahead.
FB Bulls May Regain Momentum
According to the daily chart, Facebook Inc. Faced resistance, but still residing over $255 to $252 significant support level. As per the current scenario, if the price bounces higher from $255 to $252 support level with an impulsive bullish candle, the bulls may regain momentum and push the price higher towards $272 to $275 resistance level in the coming days. Alternatively, if the price nose dive below $255 to $252 price area with an impulsive bearish candle, the bears may push the price lower towards $245 to $240 price area in the process.
Image: FB Daily Chart
In addition, the dynamic level of 20 EMA is currently residing above the price, which may act as strong resistance in the days ahead. However, the bulls may regain momentum if the price can break above the dynamic level. Along with this, the ADX line is currently residing below level 10, which indicates that the current bearish momentum is not strong.
To conclude, as long as the price residing over $252 to $255 price area, there is a high chance that the bulls may regain momentum. An impulsive daily close is required to identify the definite momentum in the coming days.