Facebook Inc. Facing Resistance Around $335 Price Area – Bears To Regain Momentum?


Facebook Inc. failed to sustain the bullish trend over $332 to $335 price area and trying to push lower. Facebook Inc. is facing resistance around $335 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.

June 1, 2021, | AtoZ Markets – Facebook Inc. is currently trading around $328 price area and trying to decline. After bouncing from $310 to $312 support level, the bulls have regained momentum and pushed the price upward impulsively, and reached $332 to $335 key area again. As per the current price action context, the price may retrace downside towards the dynamic level on the daily chart in the coming days.

Facebook Inc. Facing Resistance as the Key Level Working Strongly

Facebook is currently residing near $328 price area and trying to push downward. However, the price is still residing over the Kumo Cloud on the daily chart.

Facebook Inc. Facing

Image: FB 4 Hour Chart

According to the 4-hour chart, Facebook Inc. is facing resistance and currently trading around $328 price area. As per the current scenario, the price may decline towards $322 to $320 support area in the coming days. So, if the declines towards $322 to $320 support area and bounced upside with an impulsive bullish candle, the price may recover higher towards $332 to $335 price area again in the process. Alternatively, if the price can break below $322 to $320 support area with an impulsive bearish candle, the bears may push the price down towards $312 to $310 price area in the days ahead.

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. Along with this, the MACD lines are currently residing above the 0.00 level and may have a bearish crossover. It indicates that the bears may sustain the bearish pressure further 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 price action, the price may retrace downside towards $322 to $320 support level in the coming days. So, if the price retraced towards $322 to $320 support level and bounced higher with an impulsive daily bullish candle, the bulls may sustain the bullish trend towards $332 to $335 price area as a first target. The second target will be $345 to $350 price area if the price can break above $332 to $335 price area in the days ahead.

Facebook Inc. Facing

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 of 20 EMA 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 process.

To conclude, as long as the price residing above the dynamic level, the bias will remain bullish. A daily close is needed to identify the definite momentum in the coming days. 

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