Facebook (FB Stock) trades within a descending triangle

JFD Team JFD

Facebook Inc. (NASDAQ: FB) traded lower on Tuesday and Wednesday, after it was rejected once again near the 267.00 zone, which has been acting as a ceiling since February 23rd. Overall, the stock looks to be trading with a descending triangle since January 19th, and is now getting closer to the lower end of that pattern. Usually, such patterns tend to be bearish, but until we see the price exiting the formation, we prefer to take the sidelines.

A clear and decisive break below 255.00, which is the lower end of the triangle, will confirm a forthcoming lower low and may trigger declines towards the low of January 14th, at 244.60. The stock may rebound from there, but if investors are not strong enough to push it above the 255.00 mark, another slide may be possible. If we see a dip below 244.60 this time, market participants may allow extensions towards the 235.00 territory, marked as a support by the highs of July 28th and 30th.

Shifting attention to our short-term oscillators, we see that the RSI lies below 50 and points down, while the MACD runs below both its zero and trigger lines, pointing south as well. Both indicators detect downside speed, but as we already noted, we prefer to wait for a dip below 255.00 before we get confident on larger declines.

On the upside, a break above the upper end of the triangle and the key resistance zone of 267.00 may signal that investors have found interest in this stock again. They could lead it towards the 276.55 hurdle, marked by the high of February 16th, the break of which may see scope for extensions towards the peak of January 28th, at 286.50.

JFDBANK.com - One-stop Multi-asset Experience for Trading and Investment Services

Premium

You have reached your limit of 3 free articles for this month.

Start your subscription and get access to all our original articles.

Subscribe to Premium Sign In

Author

JFD Team

JFD

EUR/USD flirts with daily highs, retargets 1.1900

EUR/USD regains upside traction, returning to the 1.1880 zone and refocusing its attention to the key 1.1900 barrier. The pair’s slight gains comes against the backdrop of a humble decline in the US Dollar as investors continue to assess the latest US CPI readings and the potential Fed’s rate path.

GBP/USD remains well bid around 1.3650

GBP/USD maintains its upside momentum in place, hovering around daily highs near 1.3650 and setting aside part of the recent three-day drop. Cable’s improved sentiment comes on the back of the Greenback’s irresolute price action, while recent hawkish comments from the BoE’s Pill also collaborate with the uptick.

Gold clings to gains just above $5,000/oz

Gold is reclaiming part of the ground lost on Wednesday’s marked decline, as bargain-hunters keep piling up and lifting prices past the key $5,000 per troy ounce. The precious metal’s move higher is also underpinned by the slight pullback in the US Dollar and declining US Treasury yields across the curve.

Crypto Today: Bitcoin, Ethereum, XRP in choppy price action, weighed down by falling institutional interest

Bitcoin's upside remains largely constrained amid weak technicals and declining institutional interest. Ethereum trades sideways above $1,900 support with the upside capped below $2,000 amid ETF outflows.

Week ahead – Data blitz, Fed Minutes and RBNZ decision in the spotlight

US GDP and PCE inflation are main highlights, plus the Fed minutes. UK and Japan have busy calendars too with focus on CPI. Flash PMIs for February will also be doing the rounds. RBNZ meets, is unlikely to follow RBA’s hawkish path.

Ripple Price Forecast: XRP potential bottom could be in sight

Ripple edges up above the intraday low of $1.35 at the time of writing on Friday amid mixed price actions across the crypto market. The remittance token failed to hold support at $1.40 the previous day, reflecting risk-off sentiment amid a decline in retail and institutional sentiment.