Facebook Inc. sustains its bullish trend and hit an all-time high of $315 price area. Facebook Inc. is facing resistance around $315 key price area. Bears to regain momentum 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.
April 13, 2021, | AtoZ Markets – Facebook Inc. is currently trading around $311 price area and trying to climb upside. After breaking over $300 to $305 key resistance area, the bulls pushed the price upside quite impulsively and hit a record high of $315 price area. As per the current price action, the price may face strong resistance around $315 to $320 price area in the coming days.
Moreover, the European Commission said on Tuesday, Facebook (NASDAQ:FB’s) obtaining of client support startup Kustomer might be subjected to the European Union antitrust investigation after Austria requested EU implementers assume control over the task.
Facebook Inc. Facing Resistance as the Price Requires a Downside Retracement
Facebook is currently residing near $311 price area and trying to recover higher. However, after hitting $315 price area, the price has become quite volatile on the intraday chart.
Image: FB 4 Hour Chart
According to the 4-hour chart, Facebook Inc. is facing resistance and currently trading around $311 price area. As per the current price action, the price may recover further upside towards $315 to $320 price area in the coming days. So, if the price recovers towards $315 to $320 price area and rejects with an impulsive bearish candle, the bears may regain momentum and push the price downward towards $305 to $300 price area in the days ahead.
Furthermore, the dynamic level of 20 EMA is currently residing below the price. So, it may work as strong support to push the price higher. Also, the MACD lines are currently residing above the 0.00 level and may have a bearish crossover. It indicates that the bears may regain momentum in the coming days.
FB May Revert Back to the Mean
According to the daily chart, Facebook Inc. is facing resistance, but the overall bias is still bullish. As per the current scenario, if the price can have an impulsive daily bearish candle close below $320 to $315 price area, the price may retrace towards $305 to $300 price area in the coming days. So, if the price retraced towards $305 to $300 price area, and bounced upside with a daily bullish candle, the bulls may sustain the bullish trend towards $315 to $320 price area as a first target. The second target will be $330 to $335 price area if the price can break above $315 to $320 price area in the process.
Image: FB Daily Chart
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 pull the price down as a mean reversion. Besides, the Kijun line and the Tenkan line may work as a confluence of the dynamic level in the days ahead.
To conclude, as the overall bias is still bullish, there is a high chance that FB may climb further upside. However, the price requires a downside retracement before sustaining the bullish trend further in the coming days.