Technical Pulse: Facebook Inc. May 7, 2021 712

 

Facebook (US: FB) uptrend looks set to continue after prices broke above the psychological resistance of US$300.00 in April 2021:   

 

  1. The piercing line candle at the immediate support level of US$315.85 indicates strong demand after price filled the recent price gap up.
  2. Bullish momentum still intact as prices continue to trend above the immediate uptrend line and all three moving averages.

 

*Expected timeline of the trade is 10 weeks from the date of report issuance.

 

CHART LEGEND

 

Moving Average

 

Red dotted line: 200 Period MA

Blue dotted line: 50 Period MA

Green dotted line: 22 Period MA

 

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