Technical Analysis – Facebook stock eases around 1-year peak; retains bullish outlook
Posted on July 24, 2019 at 1:23 pm GMT
Melina Deltas, XM Investment Research Desk
Facebook stock price is hovering around the one-year high of 205.40 but it is holding well above the 50- and 200-day simple moving averages (SMAs). Momentum indicators are looking to lose steam as the MACD fell beneath the trigger line and the RSI is flattening in the positive territory, suggesting a downside correction.
An advance could stop at the multi-month high of 218.44, taken from the peak on July 25, before posting a fresh all-time high.
A downside structure in the stock may encounter immediate support near the 197.18 and the blue Kijun-sen line near 194.67. The next support levels are coming from the 50-day SMA currently at 187.67 and the 23.6% Fibonacci retracement level of the bullish rally from 123.30 to 205.40, near 186.
In biref, the stock price is in process to post a higher high above the one-year top, endorsing the recent bullish view in the long-term timeframe.