Facebook, Inc. (NASDAQ:FB) stock hits record high
So much for this being a rough year for Facebook.
Sure, the company has had to deal with the Cambridge Analytica data breach, accusations about Russia using Facebook ads to help influence elections and concerns about slowing user growth. Mark Zuckerberg is having the last laugh.
Facebook’s stock just hit a record high on Wednesday, rising above $200 a share for the first time. Shares have now gained 14% this year. Facebook’s market value is about $585 billion.
According to lists of the world’s wealthiest people tracked by Forbes and Bloomberg, Facebook CEO and co-founder Zuckerberg is worth more than $75 billion.
All of this year’s drama about Facebook, the now defunct Cambridge Analytica, Russia and the 2016 election doesn’t matter to Wall Street. Why? Wall Street is focusing on ad sales and profit growth — and they are still phenomenal.
Facebook should report its second quarter results sometime in late July. Analysts currently expect revenue to increase by more than 40% from a year ago and earnings per share to grow more than 30%.
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 182.81.
The projected upper bound is: 211.45.
The projected lower bound is: 194.03.
The projected closing price is: 202.74.
A white body occurred (because prices closed higher than they opened).
During the past 10 bars, there have been 8 white candles and 2 black candles for a net of 6 white candles. During the past 50 bars, there have been 30 white candles and 20 black candles for a net of 10 white 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.
Three white candles occurred in the last three days. Although these candles were not big enough to create three white soldiers, the steady upward pattern is bullish.
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 81.3521. This is an overbought reading. However, a signal is not generated until the Oscillator crosses below 80 The last signal was a sell 10 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 73.42. This is where it usually tops. The RSI usually forms tops and bottoms before the underlying security. A buy or sell signal is generated when the RSI moves out of an overbought/oversold area. The last signal was a sell 1 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 197.This is an overbought reading. However, a signal isn’t generated until the indicator crosses below 100. The last signal was a sell 10 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 up 4.510 at 202.000. Volume was 5% below average (neutral) and Bollinger Bands were 24% narrower than normal.
Open High Low Close Volume___
199.100 203.550 198.805 202.000 28,230,932
Short Term: Overbought
Intermediate Term: Bullish
Long Term: Bullish
Moving Averages: 10-period 50-period 200-period
Close: 194.41 181.48 177.54
Volatility: 23 32 34
Volume: 18,055,840 22,020,024 23,475,428
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 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 13.8% above its 200-period moving average and is in an upward trend. Volatility is 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 38 periods. Our momentum oscillator is currently indicating that FB.O is currently in an overbought condition.
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