Facebook Shares Drop After Trump Ban
#Facebook sank as much as 4.5% on Monday as investors continued to balk at the platform's ban of President Donald Trump.
The slide saw $33.6 billion erased from Facebook's market cap at intraday lows. Shares have since pared some losses and now trade about 2.6% lower.
While Facebook is far from the only platform to ban Trump, it is among the largest to do so.
Investors likely fear that the move will lead pro-Trump users to boycott the website and congregate elsewhere.
Right-wing social-media platform Parler was poised to take in such users until Amazon removed the website from its hosting service.
Facebook closed down -10.730 at 256.840. Volume was 50% above average (neutral) and Bollinger Bands were 44% narrower than normal.
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 is currently 4.2% above its 200-period moving average and is in a downward trend.
Volatility is extremely high when compared to the average volatility over the last 10 periods.
There is a good possibility that volatility will decrease and prices will stabilize in the near term.
Our volume indicators reflect volume flowing into and out of Facebook at a relatively equal pace (neutral).
Our trend forecasting oscillators are currently bearish on Facebook and have had this outlook for the last 19 periods.
Overall, the bias in prices is: Downwards.
A black body occurred (because prices closed lower 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 24 white candles and 26 black candles for a net of 2 black candles.
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