Long
Will you buy Facebook shares now ?
Please read this article here
When I review the weekly chart , I see that it has hit a support level at 249.05 level. The last time it was at this price level was in August 2020. I won't be rushing to buy although a 20% drop is a good bargain for a value investor. I will monitor the price over the weeks as I suspect it might drop further to the next support level at 223 level.
The orange dotted line is bullish trend line and we can see if the price hits 200 price level which will be the 3rd time only since Dec 18 and Mar 20. That , I think is quite unlikely and remotely going to happen.
When I review the weekly chart , I see that it has hit a support level at 249.05 level. The last time it was at this price level was in August 2020. I won't be rushing to buy although a 20% drop is a good bargain for a value investor. I will monitor the price over the weeks as I suspect it might drop further to the next support level at 223 level.
The orange dotted line is bullish trend line and we can see if the price hits 200 price level which will be the 3rd time only since Dec 18 and Mar 20. That , I think is quite unlikely and remotely going to happen.
Note
i have added more last nightNote
added more last nightNote
From the candles, we can see that the selling pressure is more or less done by now and we await a catalyst to push up its prices or overall good news from FEDs, US market , etc to push up the demand for Tech stocks and FB to ride on the wave up.....Note
disappointed but most tech stocks in US are displaying similar patterns.....the next support level is 161.37
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.