Facebook Inc. has become impulsive and strikes over September 2020’s key level. Facebook Inc. hit an all-time high of $310 price area. What is next? Bulls to sustain the bullish trend further 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 6, 2021, | AtoZ Markets – Facebook Inc. is currently trading around $308 price area and trying to recover higher. After bouncing from $275 to $280 support level, the bulls have regained momentum and push the price upside quite impulsively, and hit a record high of $310 price area. As per the current price action, FB may retrace downside towards $305 to $300 price area in the coming days.
In addition, stocks of Facebook Inc. shut at record highs on Monday, peaking on a wave of solid U.S. job growth a month ago in spite of a wave of condemnation over their outsize effect on the economy and in the existences of Americans. The tech-heavy Nasdaq Composite Index rose 1.7%.
Facebook Inc. Hit an All Time High as the Investors Are Optimistic
Facebook Inc. is currently residing near $308 price area and trying to push upside. Moreover, the price had an impulsive daily bullish candle close after breaking above $300 to $305 price area.
Image: FB 4 Hour Chart
According to the 4-hour chart, Facebook Inc. hit an all-time high and currently trading around $308 price area. As per the current scenario, 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 upward with a bullish candle, the bull may sustain the bullish pressure towards $320 to $325 price area in the days ahead.
In addition, the dynamic level of 20 EMA is currently residing below the price. So, it may work as strong support to push the price upside. Along with this, the Stochastic Oscillator lines are currently residing above the overbought level 80 and may have a bearish crossover. It indicates that the price may retrace lower, at least towards the dynamic level in the process.
FB May Continue the Bullish Bias
According to the daily chart, Facebook Inc. hit an all-time high as the overall bias is bullish. As per the current price action context, if the price can have an impulsive bullish candle close above the last candle’s high, the price may recover higher towards $320 to $325 price area in the coming days. So, if the price recovers towards $320 to $325 key area and rejects with a daily bearish candle, the price may retrace towards $305 to $300 support area in the days ahead.
Image: FB Daily Chart
Furthermore, the dynamic level of 20 EMA is currently residing below the price. Along with the Bollinger Bands middle band. So, the dynamic level of 20 EMA may pull the price downside as a mean reversion. Besides, the Bollinger Bands’ middle band may work as a confluence of the dynamic level in the process.
To conclude, Facebook Inc. has successfully broken over the key resistance level and hit a record high. It indicates that FB may sustain its bullish bias further upward in the coming days.