Facebook Inc. has become corrective, but still holding the bullish bias above $250 to $255 price area. Facebook Inc. volatility increased over $250 event level. Bears to regain momentum 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 2, 2021, | AtoZ Markets – Facebook price rose yesterday and had an impulsive daily bullish candle close. Facebook Inc. is currently trading around $265 price area and trying to climb upside. After rejecting $285 to $280 resistance area, the bears have regained momentum and pushed the price downside quite impulsive, but failed to break below $255 to $250 support level. As per the current price action, the price may face strong resistance at the dynamic level on the intraday chart in the days ahead.
Facebook Inc. Volatility Increased Over Psychological Support Level
Facebook is currently residing near $265 price area and trying to recover higher. However, the price is still residing below the dynamic level on the daily chart.
Image: FB 4 Hour Chart
According to the 4-hour chart, Facebook Inc. volatility increased and currently trading around $265 price area. As per the current scenario, if the price pushes further upside towards $266 to $268 price area and rejects with a bearish candle, the bears may regain momentum and decline towards $250 to $245 price level in the process. Alternatively, if the price breaks over $266 to $268 area with an impulsive bullish candle, the bulls may recover higher towards $280 to $285 price area in the coming days.
Furthermore, the dynamic level of 20 EMA is currently residing near the price. So, it may work as strong support to push the price upside if the price breaks over $266 to $268 price area. On the contrary, it may work as strong resistance if the price can have an impulsive bearish candle close below it. Also, the Stochastic Oscillator lines are currently residing above the oversold level 20 and created a bullish divergence. It indicates that the bulls may sustain the bullish pressure further in the days ahead.
FB May Sustain the Bearish Pressure
According to the daily chart, Facebook Inc. volatility increased and currently residing near $265 price area. As per the current price action, if the price can have an impulsive bearish candle close below $268 to $266 price area, the bears may regain momentum and decline towards $250 to $245 price area as a first target. The second target will be $230 to $225 event-level if the price can break below $250 to $245 price area in the process.
Image: FB Daily Chart
In addition, the dynamic level of 20 EMA is currently residing above the price. Along with the Kijun line and the Tenkan line. So, the dynamic level may act as strong resistance to push the price downside. Besides, the Kijun line and the Tenkan line may work as a confluence of the dynamic level in the days ahead. Moreover, the Kumo Cloud may hold the price as strong resistance in the process.
To conclude, as long as the price residing below the Kumo Cloud on the daily chart, the bias will remain bearish. An impulsive daily close is required to identify the definite momentum in the coming days.