Investing.com investing.com 23 Dec, 2020 19:30 am

Chart Of The Day: Facebook Loses Public's Confidence And Technical Support

Chart Of The Day: Facebook Loses Public's Confidence And Technical Support
Stocks Analysis by Investing.com (Pinchas Cohen/Investing.com) covering: Alphabet Inc Class A, Apple Inc, Facebook Inc, Alphabet Inc Class C. Read Investing.com (Pinchas Cohen/Investing.com)'s latest article on Investing.com

However, the pattern’s $28-dollar implied target brings the price face-to-face with the 200 DMA, showing us how the supply-demand forces worked in harmony, as the 100 DMA passed the ball to the 200 DMA.FB Daily Chart, Broader Version If the 200 DMA should no longer act as support, Facebook may complete a larger H&S top, from the June 29 low of $207." Now, Facebook is going after Apple (NASDAQ: AAPL ), claiming they are doing so as a way of standing up for small business.As well, Facebook claims that, while an opt-out feature will also hurt their revenue, they're really only standing up for small businesses that will be devastated by the move.

The moving average draws a natural neckline to a H&S continuation pattern, signaling that the 18% decline from the stock's Aug.Note how the long neckline of this larger, upsloping H&S tops' neckline fits perfectly with the current, smaller H&S continuation pattern, as the 100 DMA coils around it.

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