Facebook, Inc. (NASDAQ:FB) is setting up a “war room”
Facebook is setting up a “war room” in an effort to fight back against the spread of misinformation and “fake news” across its platform during the upcoming midterm elections, according to a New York Times report Wednesday. The social media company will have a digital and physical war room at its Menlo Park, California headquarters to keep track of what happens on its site during election season. Part of the goal is to prevent the spread of false news and fake accounts.
Facebook is expected to have more than 300 people working to curb issues that occurred on the social network during the 2016 U.S. election cycle. “We see this as probably the biggest company-wide reorientation since our shift from desktops to mobile phones,” Facebook’s head of elections and civic engagement team Samidh Chakrabarti told the NYT.
Overall, the bias in prices is: Downwards.
Note: this chart shows extraordinary price action to the downside.
By the way, prices are vulnerable to a correction towards 175.94.
The projected upper bound is: 180.94.
The projected lower bound is: 143.16.
The projected closing price is: 162.05.
A big black candle occurred. This is bearish, as prices closed significantly lower than they opened. If the candle appears when prices are “high,” it may be the first sign of a top. If it occurs when prices are confronting an overhead resistance area (e.g., a moving average, trendline, or price resistance level), the long black candle adds credibility to the resistance. Similarly, if the candle appears as prices break below a support area, the long black candle confirms the failure of the support area.
During the past 10 bars, there have been 6 white candles and 4 black candles for a net of 2 white candles. During the past 50 bars, there have been 23 white candles and 27 black candles for a net of 4 black 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. It then signifies that the momentum may be shifting from the bulls to the bears.
If the engulfing bearish pattern occurs during a downtrend (which appears to be the case with FACEBOOK INC A), 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 75.0282. This is not an overbought or oversold reading. The last signal was a buy 3 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 38.94. 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 9 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 13. This is not a topping or bottoming area. The last signal was a buy 8 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 buy 2 period(s) ago.
Rex Takasugi – TD Profile
FACEBOOK INC A closed down -3.090 at 162.930. Volume was 95% above average (neutral) and Bollinger Bands were 9% narrower than normal.
Open High Low Close Volume___
166.640 167.250 162.810 162.930 45,994,800
Short Term: Neutral
Intermediate Term: Bearish
Long Term: Bearish
Moving Averages: 10-period 50-period 200-period
Close: 162.87 179.29 180.60
Volatility: 26 62 45
Volume: 23,998,742 28,840,434 26,844,690
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 9.8% below its 200-period moving average and is in an downward trend. Volatility is Our volume indicators reflect moderate flows of volume out of FB.O (mildly bearish). Our trend forecasting oscillators are currently bearish on FB.O and have had this outlook for the last 0 periods.
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