Facebook (NASDAQ:FB) to Block The Sharing of News on Australian User Accounts

Facebook (NASDAQ:FB) to Block The Sharing of News on Australian User Accounts

$FB #Facebook #SocialMedia #USA #Nasdaq #Stocks #Trading #Markets

Facebook
Ticker: NASDAQ:FB
Price: $303.91

Facebook News

Facebook just keeps charging higher.

The stock hit an all-time high Tuesday, closing at $280.82, and has roared 105% off its March low.

Facebook has a market cap of $800.8 billion. To top $1 trillion, its shares would need to reach $351, accor

Facebook Inc (NASDAQ:FB) on Tuesday said it would stop Australians sharing news content on its platforms if a proposal to make it pay local media outlets for their content becomes law, escalating tension with the Australian government.

Under Australia’s closely watched internet reform, the country will become the first to make the social media behemoth and Alphabet (NASDAQ:GOOGL) Inc’s Google pay for news sourced from local providers under a royalty-style system.

Facebook’s plan to block the sharing of news on Australian user accounts, rather than pay royalties, puts the firm broadly in step with Google on the matter and pushes the prospect of an agreement with the government further out of reach.

Australian Treasurer Josh Frydenberg on Tuesday said the proposed law was in the national interest, followed 18 months of public inquiry and would create a more sustainable local media industry where original content was paid for.

Australian Competition and Consumer Commission (ACCC) Chair Rod Sims, who is overseeing the proposed law, said Facebook’s response was “ill-timed and misconceived”, and that the proposal “simply aims to bring fairness and transparency to Facebook and Google’s relationships with Australian news media businesses”.

“As the ACCC and the Government work to finalise the draft legislation, we hope all parties will engage in constructive discussions,” Sims said in a statement.

Bridget Fair, chief executive of Free TV Australia, a lobby group for free-to-air broadcasters, said Facebook’s plan amounted to “bullying” and that the U.S. firm would “say and do anything to avoid making a fair payment for news content”.

“Australian Facebook users are being held to ransom as a tactic to intimidate the Australian government into backing down on this issue,” she said in a statement.

Business Summary

Facebook, Inc. is focused on building products that enable people to connect and share through mobile devices, personal computers and other surfaces.

The Company’s products include Facebook, Instagram, Messenger, WhatsApp and Oculus.

Facebook enables people to connect, share, discover and communicate with each other on mobile devices and personal computers.

Instagram enables people to take photos or videos, customize them with filter effects, and share them with friends and followers in a photo feed or send them directly to friends.

Messenger allows communicating with people and businesses alike across a range of platforms and devices.

WhatsApp Messenger is a messaging application that is used by people around the world and is available on a range of mobile platforms.

Its Oculus virtual reality technology and content platform offers products that allow people to enter an interactive environment to play games, consume content and connect with others.

Price Performance

Relative Valuation

Technical Indicators

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 250.09.

The projected upper bound is: 314.84.

The projected lower bound is: 273.74.

The projected closing price is: 294.29.

Candlesticks

A black body occurred (because prices closed lower than they opened).
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 27 white candles and 23 black candles for a net of 4 white candles.

A spinning top occurred (a spinning top is a candle with a small real body). Spinning tops identify a session in which there is little price action (as defined by the difference between the open and the close). During a rally or near new highs, a spinning top can be a sign that prices are losing momentum and the bulls may be in trouble.

Three black candles occurred in the last three days. Although these candles were not big enough to create three black crows, the steady downward pattern is bearish.

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 68.7453. This is not an overbought or oversold reading. The last signal was a sell 0 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 70.33. 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 15 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 104.This is an overbought reading. However, a signal isn’t generated until the indicator crosses below 100. The last signal was a sell 14 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 7 period(s) ago.

Rex Takasugi – TD Profile

FACEBOOK INC A closed down -0.460 at 293.200. Volume was 100% below average (consolidating) and Bollinger Bands were 60% wider than normal.

Open     High     Low     Close      Volume
293.950  296.880  291.550 293.200    18,303
Technical Outlook
Short Term:        Neutral
Intermediate Term: Bullish
Long Term:         Bullish
Moving Averages: 10-period      50-period      200-period
Close:           279.71         250.44         213.11
Volatility:      55             52             55
Volume:          26,014,016     26,518,354     22,027,146

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 37.6% above its 200-period moving average and is in an upward trend. Volatility is high as compared to the average volatility over the last 10 periods.

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 20 periods. Our momentum oscillator is currently indicating that FB.O is currently in an overbought condition.

The following two tabs change content below.
HEFFX has become one of Asia’s leading financial services companies with interests in Publishing, Private Equity, Capital Markets, Mining, Retail, Transport and Agriculture that span every continent of the world. Our clearing partners have unprecedented experience in Equities, Options, Forex and Commodities brokering, banking, physical metals dealing, floor brokering and trading.