Facebook_(NASDAQ:FB)_May_13_2018
Facebook has been one of the top performing stocks of 2017 and is part of the FANG group of companies that represent the best of the tech sector. Since the disclosure of the activities of Cambridge Analytica, the stock has taken some beating before finally finding the path to recovery.
Currently, the stock is trading within a bullish channel pattern. However, I expect stock price to come down in the near term to about $180 levels. This is because the bounceback has been too severe and the initial heavy volume that was evident during the price drop from the Cambridge Analytica incident has been tapering off. As shown by MACD, the gap between the MACD and signal line is diverging which further lends to the burden of proof that a price drop may be coming. Any indication of price drop may result in some investors taking profits which may prompt even more investors to sell off their securities.
Currently, the stock is trading within a bullish channel pattern. However, I expect stock price to come down in the near term to about $180 levels. This is because the bounceback has been too severe and the initial heavy volume that was evident during the price drop from the Cambridge Analytica incident has been tapering off. As shown by MACD, the gap between the MACD and signal line is diverging which further lends to the burden of proof that a price drop may be coming. Any indication of price drop may result in some investors taking profits which may prompt even more investors to sell off their securities.
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