Technical Pulse: Facebook Inc. September 27, 2021 444

 

Facebook Inc (US: FB) upside has been ongoing strong especially after achieving two of our target price based on our report dated 7th May. Wave analysis suggest that the larger wave ((3)) of the primary phase is still ongoing and currently only the sub-wave (1) of the intermediate phase is completed. Despite we are in a potential sub-3 wave ABC corrective wave, technical shows a strong contention of a bullish upside to complete the 2nd leg of wave B. 

 

  1. Bullish engulfing candle is seen rebounding away from support zone 1 and closing right above the lower Bollinger band.
  2. The relative strength index is rebounding away from the oversold level and should it cross above the 40 line, there is a confirmation of the upside.

 

 

*Expected timeline of the trade is 5 weeks from the date of report issuance.

 

CHART LEGEND

 

Bollinger Bands

Standard deviation = 2

Red dotted line = Upper Bollinger Band

Blue dotted line = 20 Periods MA

Green dotted line = Lower Bollinger Band

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