Chart of the Day: Facebook (FB)

NASDAQ: FB | Meta Platforms Inc. News, Ratings, and Charts

FB – Facebook Inc. (FB) operates as a social networking company worldwide. The company engages in the development of social media applications for people to connect through mobile devices, personal computers, and other surfaces.

 

Facebook, Inc. operates as a social networking company worldwide. The company engages in the development of social media applications for people to connect through mobile devices, personal computers, and other surfaces. It enables users to share opinions, ideas, photos, videos, and other activities online. The firm’s products include Facebook, Instagram, Messenger, WhatsApp, and Oculus. 

Take a look at the 1-year chart of Facebook (FB - Get Rating) below with added notations:

After a stellar two-month rally, FB has moved into a sideways trading range. While in the range, the stock has formed a key resistance area at $240 (red), and a $225 support level (green).  At some point the stock will have to break either $225 or the $240.

The Tale of the Tape: FB is trading within a sideways range. The possible long positions on the stock would be either on a pullback to $225 or on a breakout above $240. The ideal short opportunity would be on a break below $225.

Before making any trading decision, decide which side of the trade you believe gives you the highest probability of success. Do you prefer the short side of the market, long side, or do you want to be in the market at all? If you haven’t thought about it, review the overall indices themselves. For example, take a look at the S&P 500. Is it trending higher or lower? Has it recently broken through a key resistance or support level? Making these decisions ahead of time will help you decide which side of the trade you believe gives you the best opportunities.

No matter what your strategy or when you decide to enter, always remember to use protective stops and you’ll be around for the next trade.  Capital preservation is always key!

Good luck!

Christian Tharp, CMT

@cmtstockcoach

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FB shares were trading at $237.55 per share on Friday morning, up $1.61 (+0.68%). Year-to-date, FB has gained 15.74%, versus a -2.12% rise in the benchmark S&P 500 index during the same period.


About the Author: christian


Christian is an expert stock market coach at the Adam Mesh Trading Group who has mentored more than 4,000 traders and investors. He is a professional technical analyst that is a certified Chartered Market Technician (CMT), which is a designation awarded by the CMT Association. Christian is also the author of the daily online newsletter Todays Big Stock. More...


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