Facebook, Inc. (NASDAQ:FB) social media giant said it is hiring Jennifer Newstead as its general counsel

Facebook, Inc. (NASDAQ:FB) social media giant said it is hiring Jennifer Newstead as its general counsel

Facebook, Inc. (NASDAQ:FB) social media giant said it is hiring Jennifer Newstead as its general counsel

Facebook shares rose slightly after the bell Monday after the social media giant said it is hiring Jennifer Newstead as its general counsel. Newstead, most recently the legal adviser to the U.S. State Department, is replacing Colin Stretch. Facebook also named John Pinette as vice president of global communications.

After Wall Street digests the Boeing report, Mark Zuckerberg will take the stage Wednesday afternoon with yet more fires burning around Facebook FB, +1.77% As the FTC reportedly considers a record fine and governments world-wide look at legislation that would attack Facebook’s business model, Facebook is dealing with near-daily controversies – just last week, it disclosed sloppy handling of millions of Instagram users’ passwords, as an update to an earlier disclosure of improper password storage.

By the time Zuckerberg finishes answering analysts’ questions, the newest episode of “As Elon Musk Tweets” should be in full swing. Tesla TSLA, -3.85% already disclosed that deliveries fell by nearly 50% sequentially, then tossed a board makeover into the mix late on Good Friday. Musk’s fight with the Securities and Exchange Commission could be a reason for those changes, and Musk also appears to be publicly squabbling with a major partner and supplier.

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 169.15.

The projected upper bound is: 188.28.

The projected lower bound is: 175.21.

The projected closing price is: 181.74.

Candlesticks

A big white candle occurred. This is generally considered bullish, as prices closed significantly higher than they opened. If the candle appears when prices are “low,” it may be the first sign of a bottom. If it occurs when prices are rebounding off of a support area (e.g., a moving average, trendline, or retracement level), the long white candle adds credibility to the support. Similarly, if the candle appears during a breakout above a resistance area, the long white candle adds credibility to the breakout.
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 24 black candles for a net of 1 white candles.

An engulfing bullish line occurred (where a white candle’s real body completely contains the previous black candle’s real body). The engulfing bullish pattern is bullish during a downtrend. It then signifies that the momentum may be shifting from the bears to the bulls.

If the engulfing bullish pattern occurs during an uptrend (which appears to be the case with FACEBOOK INC A), it may be a last engulfing top which indicates a top. The test to see if this is the case is if the next candle closes below the top of the current (white) candle’s real body.

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 62.9438. This is not an overbought or oversold reading. The last signal was a sell 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 69.80. 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 50 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 125.This is an overbought reading. However, a signal isn’t generated until the indicator crosses below 100. 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 3.160 at 181.440. Volume was 35% below average (neutral) and Bollinger Bands were 8% narrower than normal.

Open High Low Close Volume___
178.250 181.665 178.250 181.440 13,389,889

Technical Outlook
Short Term: Overbought
Intermediate Term: Bullish
Long Term: Bullish

Moving Averages: 10-period 50-period 200-period
Close: 178.40 169.13 162.47
Volatility: 14 25 49
Volume: 11,621,984 15,835,947 23,988,692

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 11.7% 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 moderate flows of volume into FB.O (mildly bullish). Our trend forecasting oscillators are currently bullish on FB.O and have had this outlook for the last 13 periods.

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