Facebook, Inc. (NASDAQ:FB) D.C. probe could open a can of worms
Washington’s probes of Facebook could open up a can of worms for the technology industry. Congress wants to hold the social-media platform accountable for Russian election meddling and other concerns. It could chip away at the broad legal immunity that internet firms have over what gets posted on their sites – and could engender lawsuits that cost them millions.
The legal protection enjoyed by Facebook and its peers has already sprung a leak. Section 230 of the 1996 Communications Decency Act says that internet companies will not be considered publishers of third-party content, protecting them from legal liability. In April, President Donald Trump signed a bill amending that provision to leave internet platforms legally exposed for criminal and civil violations of state and federal sex-trafficking laws. Afterward, the Justice Department shut down Backpage.com, a classified-ads website that has been linked to sex trafficking.
– Lawmakers in the United States are examining Facebook’s relationship with Chinese telecommunications firm Huawei after the New York Times reported that the social-media platform had a data-sharing agreement with the company.
Overall, the bias in prices is: Upwards.
Note: this chart shows extraordinary price action to the upside.
By the way, prices are vulnerable to a correction towards 185.36.
The projected upper bound is: 205.46.
The projected lower bound is: 187.31.
The projected closing price is: 196.38.
A black body occurred (because prices closed lower than they opened).
During the past 10 bars, there have been 7 white candles and 3 black candles for a net of 4 white candles. During the past 50 bars, there have been 30 white candles and 20 black candles for a net of 10 white candles.
An engulfing bearish line occurred (where a black candle’s real body completely contains the previous white candle’s real body). The engulfing bearish pattern is bearish during an uptrend (which appears to be the case with FACEBOOK INC A). It then signifies that the momentum may be shifting from the bulls to the bears.
If the engulfing bearish pattern occurs during a downtrend, it may be a last engulfing bottom which indicates a bullish reversal. The test to see if this is the case is if the next candle closes above the bottom the current (black) candle’s real body.
Momentum is a general term used to describe the speed at which prices move over a given time period. Generally, changes in momentum tend to lead to changes in prices. This expert shows the current values of four popular momentum indicators.
One method of interpreting the Stochastic Oscillator is looking for overbought areas (above 80) and oversold areas (below 20). The Stochastic Oscillator is 38.0616. This is not an overbought or oversold reading. The last signal was a sell 2 period(s) ago.
Relative Strength Index (RSI)
The RSI shows overbought (above 70) and oversold (below 30) areas. The current value of the RSI is 55.72. This is not a topping or bottoming area. A buy or sell signal is generated when the RSI moves out of an overbought/oversold area. The last signal was a sell 2 period(s) ago.
Commodity Channel Index (CCI)
The CCI shows overbought (above 100) and oversold (below -100) areas. The current value of the CCI is 29. This is not a topping or bottoming area. The last signal was a sell 2 period(s) ago.
The Moving Average Convergence/Divergence indicator (MACD) gives signals when it crosses its 9 period signal line. The last signal was a sell 1 period(s) ago.
Rex Takasugi – TD Profile
FACEBOOK INC A closed down -3.160 at 195.840. Volume was 36% below average (neutral) and Bollinger Bands were 32% narrower than normal.
Open High Low Close Volume___
199.180 200.750 195.800 195.840 18,734,408
Short Term: Neutral
Intermediate Term: Bullish
Long Term: Bullish
Moving Averages: 10-period 50-period 200-period
Close: 198.49 184.80 178.21
Volatility: 29 33 34
Volume: 20,440,574 20,882,272 23,624,556
Short-term traders should pay closer attention to buy/sell arrows while intermediate/long-term traders should place greater emphasis on the Bullish or Bearish trend reflected in the lower ribbon.
FACEBOOK INC A is currently 9.9% above its 200-period moving average and is in an upward trend. Volatility is extremely high when compared to the average volatility over the last 10 periods. There is a good possibility that volatility will decrease and prices will stabilize in the near term. Our volume indicators reflect volume flowing into and out of FB.O at a relatively equal pace (neutral). Our trend forecasting oscillators are currently bullish on FB.O and have had this outlook for the last 43 periods. our momentum oscillator has set a new 14-period low while the security price has not. This is a bearish divergence.
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