Facebook Inc. has become non-volatile and broke above $285 to $290 event level. Facebook Inc. strikes over $290 psychological key area after bouncing from the dynamic level. Will FB continue the bullish bias further upward 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.
March 23, 2021, | AtoZ Markets – Facebook Inc. price rose yesterday during the New York session. Facebook Inc. is currently trading around $293 area and trying to retrace downside. After bouncing from $265 to $270 support level, the bulls have regained momentum and pushed the price upside quite impulsively, and hit $300 price area. As per the current price action, the price may retrace downward towards the dynamic level on the intraday chart in the coming days.
Moreover, Facebook Inc. narrated on Monday it will shut down 1.3 billion fake Facebook accounts within October and December and that it had more than 35,000 individuals working on handling misinformation on its social platform. Additionally, the organization additionally eliminated in excess of 12 million pieces of substance about COVID-19 and vaccines that worldwide wellbeing specialists hailed as falsehood.
Facebook Inc. Strikes Over as the Investors Are Optimistic
Facebook is currently residing near $293 price area and trying to push lower. However, the price also broke above the downtrend line and had a weekly bullish candle close over it.
Image: FB 4 Hour Chart
According to the 4-hour chart, Facebook Inc. strikes over and currently trading around $293 price area. As per the current scenario, the price may retrace towards $290 to $285 price area in the days ahead. So, if the price retraced towards $290 to $285 support level and bounced higher with a bullish candle, the price may recover upward towards $300 to $305 key area in the coming days.
Furthermore, the dynamic level of 20 EMA is currently residing below the price. So, it may work as strong support to push the price further higher. Along with this, the Stochastic Oscillator lines are currently residing above the overbought level 80 and may have a bearish intersection. It indicates that the bears may push the price down for a while in the process.
FB May Continue the Bullish Pressure Further
According to the daily chart, Facebook Inc. strikes over and currently residing near $293 price area. As per the current price action context, the price may retrace towards the dynamic level in the days ahead. So, if the price retraced towards the dynamic level and bounced upward with a daily bullish candle, the bulls may sustain the bullish pressure towards $300 to $305 price area as a first target. The second target will be $315 to $320 key area if the price can break above $300 to $305 price area in the process.
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 pull the price down as a mean reversion. Besides, the Kijun line and the Tenkan line may work as a confluence of the dynamic level in the coming days.
To conclude, after an extended period of volatility, the bulls have successfully broken above the down trend line. A daily close will help to identify the definite momentum in the days ahead.