02.07.2020 Facebook Daily Analysis
Today it is Facebook’s turn. With a market cap of $638 billion, it is next in line by descending order. Starting with the daily chart, see Figure 1 below,
Yayınlanma: 2 Temmuz 2020 18:59
Güncellenme: 13 Eylül 2024 02:40
02.07.2020 Facebook Daily Analysis
Today it is Facebook’s turn. With a market cap of $638 billion, it is next in line by descending order. Starting with the daily chart, see Figure 1 below, I can count five waves up off the infamous March 23 low. At yesterdays low, Facebook had lost 16% of its value in a matter of a few days, quite a significant drop. The stock is now staging an oversold rebound. Price bottomed right in my ideal target zone and could quickly move back to $235 before moving lower again. Note the negative divergences on the technical indicators over the last month (red dotted arrows). Although divergence is the only divergence until it is not, it must always be noted, as it clearly can foretell of fast downside moves. Ignore at one’s peril.
