Facebook Inc. failed to hold the bullish momentum over $265 to $270 support area and pushed lower. Facebook Inc. nose dive below $265 psychological support level. Will it decline 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.
February 23, 2021, | AtoZ Markets – Facebook Inc. is currently trading around $260 price area and trying to push lower. After bouncing from $245 to $250 support level, the bulls pushed the price upside quite impulsively, but failed to break above the downtrend line around $285 to $280 price area. As per the current price action, the price may retrace towards the intraday chart’s dynamic level in the coming days.
Moreover, Facebook mentioned today it would reestablish Australian news pages subsequent to negotiating changes with the administration to proposed regulations that powers tech goliath to pay for media content shown on their platforms. However, Facebook a week ago blocked Australian clients from sharing and watching news content on its well-known social media stage, drawing detractions from distributors and the state.
Facebook Inc. Nose Dive as the Bears Are Optimistic
Facebook is currently residing near $260 price area and trying to decline further. However, the price requires an upside retracement before continuing the bearish pressure further.
Image: FB 4 Hour Chart
According to the 4-hour chart, Facebook Inc. nose dive and currently trading around $260 price area. As per the current price action, if the price retraces towards $265 to $270 price area and rejects with an impulsive bearish candle, the bears may decline further towards $250 to $245 support area in the days ahead.
Furthermore, the dynamic level of 20 EMA is currently residing above the price. So, it may work as strong resistance and push the price down in the process. Besides, the MACD lines are currently residing near the 0.00 level and gradually sloping downside. It indicates that the bears may sustain the bearish pressure further in the coming days.
FB May Decline Further
According to the daily chart, Facebook Inc. nose dive and currently residing near $260 price area. As per the current price action, if the price can have an impulsive bearish candle close below the last candle’s low, the bears may continue the bearish pressure towards $250 to $245 price area. So, if the price declines towards $250 to $245 support level and bounced higher with a daily bullish candle, the bulls may regain momentum and recover higher towards $265 to $270 price area again in the coming days.
Image: FB Daily Chart
In addition, the dynamic level of 20 EMA is currently residing over the price. Along with the Kijun line and the Tenkan line. So, the dynamic level may act as strong resistance to push the price downside. Besides, the Kijun line and the Tenkan line may work as a confluence of the dynamic level in the process. Moreover, the price also broke below the Kumo Cloud, which indicates that the bears may continue the bearish pressure in the days ahead.
To conclude, the bulls may regain momentum if the price declined towards $250 to $245 support level and bounced higher. A daily close is required to identify the definite momentum in the coming days.