Facebook Inc. bears have regained momentum after rejecting $285 to $280 resistance level. Facebook Inc. sustains below $270 psychological price area. Will bears push the price further lower 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 9, 2021, | AtoZ Markets – Facebook Inc. is currently trading around $266 price area and trying to push lower. After rejecting $285 to $280 price zone, the bears pushed the price down quite impulsively and hit $255 event level. As per the current price action, the price may face strong resistance around $270 to $265 price area in the coming days.
In addition, Facebook (NASDAQ:FB) is very worried about commands to close down internet access in Myanmar and approached authorities to open admittance to online media administrations, an authority from the social media organization said on Saturday. Besides, Myanmar’s recent military junta had requested the blockage of FB and other online media stages lately; however, web access was cut completely on Saturday.
Facebook Inc. Sustains Below as the Bears Are Optimistic
Facebook is currently residing near $266 price area and trying to decline further. Moreover, the bears had a strong bearish candle close below the dynamic level on the intraday chart.
Image: FB 4 Hour Chart
According to the 4-hour chart, Facebook Inc. sustains below and currently trading around $266 price area. As per the current price action, if the price can have an impulsive bearish candle close below $270 to $265 price area, the bears may sustain the bearish pressure towards $250 to $245 support level in the process. On the contrary, if the price push higher and had a bullish candle close above $265 to $270 price area, the bulls may regain momentum and recover higher towards $280 to $285 price area again in the coming days.
Furthermore, the dynamic level of 20 EMA is currently residing over the price. It may work as strong resistance to push the price down. Also, the Stochastic Oscillator lines are currently residing above the oversold level 20 and gradually moving upside. It indicates that bulls may regain momentum in the days ahead.
FB Bears May Continue Further Downside
According to the daily chart, Facebook Inc. sustains below as the bears are still optimistic. As per the current scenario, if the price can have an impulsive daily bearish candle close below $270 to $265 price area, the bears may continue the bearish bias towards $250 to $245 price area as a first target. The second target will be $225 to $220 area if the price can break below $250 to $245 price area in the coming days.
Image: FB Daily Chart
Moreover, the dynamic level of 20 EMA is currently residing near the price. So, the bears may regain momentum if the price can break below the dynamic level in the process. Also, the MACD lines are still residing below the 0.00 level. It indicates that the bears are still holding the bearish bias and may decline further in the days ahead.
To conclude, as long as the price residing below $270 to $265 price area, the bias will remain bearish. An impulsive daily close is required to identify the definite momentum in the coming days.