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Facebook, Inc. (NASDAQ:FB) Gains 30% In A Month

Facebook, Inc. (NASDAQ:FB) Gains 30% In A Month

Social networking giant Facebook (FB) has been trading higher after its shares touched 52-week low of $137.1 on March 18. The stock has gained nearly 30% in less than a month. FB recorded a 52-week high of $224.2 on January 29 this year.

As the world is grappled with new coronavirus, Facebook is supporting global public health community’s work to keep people safe and informed during these tough times.

On April 14, the World Health Organization (WHO) launched an interactive experience on FB messenger to provide accurate and timely information about the coronavirus outbreak.

The company has invested $100 million in small businesses. It decided to provide free ads for global health organizations during the Covid-19 pandemic.

First-quarter results are expected to be reported on April 29. On average 39 analysts polled by Thomson Reuters expect earnings of $1.8 per share on revenue of $17.82 billion for the quarter.

Tuesday FB was up $3.38 or 1.93% before closing at $178.17.

Technical Indicators

Overall, the bias in prices is: Downwards.

The projected upper bound is: 199.18.

The projected lower bound is: 156.21.

The projected closing price is: 177.70.

Candlesticks

A black body occurred (because prices closed lower than they opened).
During the past 10 bars, there have been 4 white candles and 6 black candles for a net of 2 black candles. During the past 50 bars, there have been 25 white candles and 25 black candles.

A rising window occurred (where the top of the previous shadow is below the bottom of the current shadow). This usually implies a continuation of a bullish trend. There have been 4 rising windows in the last 50 candles–this makes the current rising window even more bullish.

Momentum Indicators

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.

Stochastic Oscillator

One method of interpreting the Stochastic Oscillator is looking for overbought areas (above 80) and oversold areas (below 20). The Stochastic Oscillator is 87.9487. This is an overbought reading. However, a signal is not generated until the Oscillator crosses below 80 The last signal was a sell 9 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 55.96. 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 buy 19 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 142.This is an overbought reading. However, a signal isn’t generated until the indicator crosses below 100. The last signal was a sell 8 period(s) ago.

MACD

The Moving Average Convergence/Divergence indicator (MACD) gives signals when it crosses its 9 period signal line. The last signal was a buy 13 period(s) ago.

Rex Takasugi – TD Profile

FACEBOOK INC A closed up 3.380 at 178.170. Volume was 6% above average (neutral) and Bollinger Bands were 20% wider than normal.

Open     High      Low     Close     Volume___
178.977 181.225 176.620 178.170 21,011,816
Technical Outlook 
Short Term: Overbought
Intermediate Term: Bullish
Long Term: Bearish
Moving Averages: 10-period     50-period     200-period
Close: 167.56 181.96 192.01
Volatility: 58 82 48
Volume: 23,548,462 23,579,120 16,620,686

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.

Summary

FACEBOOK INC A gapped up today (bullish) on normal volume. Possibility of a Runaway Gap which usually signifies a continuation of the trend. Four types of price gaps exist – Common, Breakaway, Runaway, and Exhaustion. Gaps acts as support/resistance.
FACEBOOK INC A is currently 7.2% below its 200-period moving average and is in an upward trend. Volatility is extremely low when compared to the average volatility over the last 10 periods. There is a good possibility that there will be an increase in volatility along with sharp price fluctuations in the near future. 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 2 periods.

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