Facebook Is Faltering
Gary S. Morrow | May 10, 2021 12:41PM ET
Shares of Facebook (NASDAQ:FB) are under pressure as the new week begins. At midday, the stock is off just over 4% as it drops to fresh May lows. This breakdown-type move, which is getting a jolt from a Citi downgrade (to ‘neutral’ from ‘buy’), is driving FB below the lower band of its 10-week bull channel. We expect more downside in the near term.
FB has left behind an ugly post-earnings spike high as well as a divergent MACD peak. The powerful upside gap (+7.5%/$310.90) that followed the April 29th open is not attracting buyers.
Initial support is near $300.00 (March high).
Note: We have no position.
You can read Gary S. Morrow's original post here .
Get The News You Want
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.