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Facebook, Inc. (NASDAQ:FB) plans to launch a video streaming device called Portal TV

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Facebook, Inc. (NASDAQ:FB) plans to launch a video streaming device called Portal TV

Facebook (FB) said Wednesday it plans to launch a video streaming device called Portal TV, taking on similar products from Amazon (AMZN), Alphabet (GOOGL) and Roku (ROKU). Facebook stock inched up, while Roku stock was hardest hit by the news.

An extension of its Portal line of devices, the new voice-controlled Portal TV can be used for both video chatting, via WhatsApp, and video streaming. It can stream content from Facebook, as well as Amazon Prime Video, Viacom (VIAB)-owned Pluto TV, CBS (CBS)-owned Showtime and All-Access, Spotify (SPOT) music and other services.

Others could sign on later, a Facebook executive suggested to the Wall Street Journal, when asked about the absence of Netflix (NFLX) and the upcoming Disney+ streaming service from Walt Disney (DIS).

Facebook also announced a refresh of its Portal device for video calling, which launched in November.

The company’s new Portal devices use artificial intelligence for voice and camera features, Facebook said. The 8-inch Portal Mini costs $129, while the 10-inch Portal is $179. Access to the Portal TV service, which includes a set-top box, is $149.

Facebook, which has stumbled over privacy issues, highlighted the devices’ privacy and security features.

Technical Indicators

Overall, the bias in prices is: Sideways.

The projected upper bound is: 196.83.

The projected lower bound is: 179.01.

The projected closing price is: 187.92.

Candlesticks

A white body occurred (because prices closed higher than they opened).
During the past 10 bars, there have been 5 white candles and 5 black candles. During the past 50 bars, there have been 21 white candles and 29 black candles for a net of 8 black candles.

A doji star occurred (where a doji gaps above or below the previous candle). This often signals a reversal with confirmation occurring on the next bar.

A long lower shadow occurred. This is typically a bullish signal (particularly when it occurs near a low price level, at a support level, or when the security is oversold).

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 39.6854. This is not an overbought or oversold reading. The last signal was a sell 7 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 52.19. 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 46 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 40. This is not a topping or bottoming area. The last signal was a sell 7 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 0.060 at 188.140. Volume was 36% below average (neutral) and Bollinger Bands were 41% narrower than normal.

Open     High      Low     Close     Volume___
188.090 189.080 186.012 188.140 9,945,798
Technical Outlook 
Short Term: Neutral
Intermediate Term: Bullish
Long Term: Bullish
Moving Averages: 10-period     50-period     200-period
Close: 187.89 190.44 173.28
Volatility: 21 30 39
Volume: 12,206,647 14,406,461 18,436,708

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 is currently 8.6% above 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 7 periods.

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