Facebook Inc. bulls regained momentum after bouncing from $275 to $278 price area. Facebook Inc. sustains above $290 price area as the investors are optimistic. Bulls to push the price further 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.
March 30, 2021, | AtoZ Markets – Facebook Inc. is currently trading around $292 price area and trying to climb upside. After breaking over $285 to $290 resistance area, the bulls pushed the price upside impulsively, but failed to break above $300 to $305 key area and retraced lower. As per the current price action context, the price may face strong resistance around $300 to $305 price area again in the coming days.
Moreover, Facebook (FB) is experiencing a few difficulties because of the new Apple iOS, expanded guidelines, and the selloff in the Nasdaq. This has made stocks fail to meet expectations throughout the most recent few months. However, the investors should hope to purchase the plunge.
Facebook Inc. Sustains Above As the Overall Bias Is Bullish
Facebook is currently residing near $292 price area and trying to recover higher. However, the price also found support at the dynamic level of 20 EMA on the intraday chart.
Image: FB 4 Hour Chart
According to the 4-hour chart, Facebook Inc. sustains above and currently trading around $292 price area. As per the current scenario, if the price can have an impulsive bullish candle close above the last candle’s high, the bulls may push the price upward towards $300 to $305 key area in the process. So, if the price reaches $300 to $305 key area and rejects with a bearish candle, the bears may regain momentum and push the price down towards $290 to $285 price area again in the days ahead.
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 upward. Besides, the Stochastic Oscillator lines are currently residing above the oversold level 20 and had a bullish crossover. It indicates that the bulls may sustain the bullish pressure further in the coming days.
FB May Hit an All Time High
According to the daily chart, Facebook Inc. sustains above as the bulls are optimistic. As per the current price action, if the price breaks above the last candle’s high with an impulsive daily bullish candle, the bulls may sustain the bullish trend towards $300 to $305 price area as a first target. The second target will be $320 to $325 price area if the price can break over $300 to $305 price area in the coming days.
Image: FB Daily Chart
Along with this, the dynamic level of 20 EMA is currently residing below the price, which has already worked as strong support. Also, the ADX line is currently residing above the mid-level 20 and gradually moving upward. It indicates that the current bullish momentum in the very strong may continue further in the process.
To conclude, after breaking over the downtrend line, the price has retraced successfully towards the dynamic level. An impulsive daily close is needed to identify the definite momentum in the coming days.