March 16, 2021, | AtoZ Markets - Facebook Inc. is currently trading around $273 price area and trying to push higher. After rejecting $280 to $275 resistance area, the bears regained momentum and pushed the price downside, but failed to break below $260 to $255 support level. As per the current price action, the price may face strong resistance around $275 to $280 price area again in the coming days.
In addition, News Corp narrated on Monday it has arrived at an arrangement to let Facebook Inc. highlight news in Australia from a portion of the media organization's key properties, including The Australian national newspaper. The three years of the deal follows a contract that came to in October 2019 including News Corp publications in the United States, including the Wall Street Journal and other Dow Jones media belongings.
Facebook Inc. Remains Below as the Bears Are Optimistic
Facebook Inc. is currently residing near $273 price area and trying to recover higher. However, the price also broke above the dynamic level of 20 EMA on the intraday chart.
Image: FB 4 Hour Chart
According to the 4-hour chart, Facebook Inc. remains below and currently trading around $273 price area. As per the current price action, Facebook may recover higher towards $275 to $280 price area in the process. So, if the price recovers towards $275 to $280 price area and rejects with an impulsive bearish candle close, the bears may regain momentum and decline towards $260 to $255 support level again in the coming days.
Furthermore, the dynamic level of 20 EMA is currently residing below the price, which has already worked as strong support. So, the bears may regain momentum if the price can break below the dynamic level in the days ahead. Besides, the ADX line is currently residing below level 20 and gradually sloping downside. It indicates that the bulls are losing momentum slowly.
FB Bulls May Strike Over the Downtrend Line
According to the daily chart, Facebook Inc. remains below, but the bulls are still residing on the market. As per the current scenario, if the price pushes further upward and breaks above $275 to $280 resistance area, the bulls may sustain the bullish pressure towards $300 to $310 key area in the coming days. Alternatively, if the price rejects $275 to $280 resistance area with an impulsive bearish candle, the bears may regain momentum and decline towards $250 to $245 price area in the days ahead.
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 hold the price as strong support. 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 above the Kumo Cloud with a strong daily bullish candle close.
To conclude, as long as the price residing above $245 to $250 support level, the bias will remain bullish. A daily close is needed to identify the definite momentum in the days ahead.