Facebook Inc. has become volatile and corrective, but still sustains below $310 to $305 resistance area. Facebook Inc. is holding the bearish momentum below $305 price area. Will the bears push the price down 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 27, 2021, | AtoZ Markets – Facebook Inc. is currently trading around $302.60 price area and trying to push downside. After breaking over $285 to $290 psychological event level, the bulls pushed the price higher quite impulsively and hit an all-time high of $316 price area. As per the current price action context, the price may face strong support at the dynamic level of 20 EMA on the daily chart in the coming days.
Facebook Inc. Holding the Bearish Momentum as the Bears Are Optimistic
Facebook is currently residing near $302.60 price area and trying to push lower. However, the price is also trying to break below the Bollinger Bands’ middle band on the intraday chart.
Image: FB 4 Hour Chart
According to the 4-hour chart, Facebook Inc. is holding the bearish momentum and currently trading around $302.60 price area. As per the current scenario, if the price can have an impulsive bearish candle close below the dynamic level and the Bollinger Bands’ middle band, the bears may regain momentum and push the price downside towards $290 to $285 price area in the coming days.
Moreover, the dynamic level of 20 EMA is currently residing near the price. Along with the Bollinger Bands middle band. Therefore, the dynamic level may work as strong resistance if the price can have a 4-hour bearish candle close below it. Besides, the Bollinger Bands’ middle band may work as a confluence of the dynamic level in the process.
FB May Climb Further
According to the daily chart, Facebook Inc. is holding the bearish momentum and currently residing near $302.60 price area. As per the current price action, if the price can have a daily bearish candle close below the dynamic level, the bears may regain momentum and push the price downward towards $290 to $285 price area in the process. Alternatively, if the price can break over $305 to $310 resistance area with an impulsive daily bullish candle, the bulls may sustain the bullish trend towards $320 to $325 price area in the coming days.
Image: FB Daily Chart
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 MACD lines are currently residing above the 0.00 level and have a bullish crossover. It indicates that the bulls are still residing on the market and may climb further higher in the days ahead.
To conclude, as the overall bias is still bullish, there is a high chance that the bulls may continue the bullish trend further. An impulsive daily candle close is needed to identify the definite momentum in the coming days.