Facebook Inc. has become corrective, but the bulls are still holding the bias over $268 to $270 price area. Facebook Inc. strikes above $270 psychological price area. Will FB recover higher 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 16, 2021, | AtoZ Markets – Facebook Inc. is currently trading around $271 price area and trying to recover upside. After breaking below $270 to $268 price area, the bears failed to sustain the bearish pressure further and climbed over $270 to $268 price area again. As per the current price action, the price may find strong support at the dynamic level on the intraday chart in the days ahead.
Also, Facebook Inc (NASDAQ:FB) is developing a smartwatch that will allow clients to send texts and furthermore offer wellbeing and wellness features. The data revealed on Friday, referring to individuals with direct information on the gadget. Moreover, the online media goliath intends to begin selling the gadget one year from now, as per the report, a step that may mark its entrance into a market presently overwhelmed by Apple Inc and Huawei.
Facebook Inc. Strikes Above as the Investors Are Optimistic
FB is currently residing near $271 area and trying to push the price upside. 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. strikes above and currently trading around $271 price area. As per the current price action, if the price can have an impulsive bullish candle close above $268 to $270 support area, the bulls may sustain the bullish pressure towards $280 to $285 price area in the process.
Furthermore, the dynamic level of 20 EMA is currently residing below the price. So, it may work as strong support to push the price upside. Also, the MACD lines are currently residing over the 0.00 level and moving upward. It indicates that the bulls may sustain the bullish pressure further in the coming days.
FB May Recover Towards September 2020s High
According to the daily chart, Facebook Inc. strikes above as the bulls are optimistic. As per the current price action context, if the price can have an impulsive daily bullish candle close over $268 to $270 support level, the bulls may recover higher towards $280 to $285 price area as a first target. The second target will be $300 to $305 key area if the price can break over $280 to $285 price area in the coming days.
Image: FB Daily Chart
In addition, the dynamic level of 20 EMA is currently residing below the price. It may act as a strong support to push the price higher in the process. Along with this, the Stochastic Oscillator lines are currently residing above the oversold level 20 and gradually moving upside. It indicates that the price may strike further upward in the days ahead.
To conclude, as long as the bulls are holding the price over $268 to $270 price area, the bias will remain bullish. An impulsive daily close is needed to identify the definite momentum in the coming days.