Hello, Traders! Monfex is at your service and today we overview Facebook.
Many shares of large, technology companies are reaching new records either near their previous peaks.
Facebook hit the whole world this year with its intentions to conquer the financial sector with the Libra. And met with disapproval and criticism from the regulatory side. Now under the pressure.
What can this chart tell us about the next price movements?
In order to reach the previous peaks, FB must at least break through the local zone of resistance. Perhaps we will see a short-term rollback of the price to the line and the local support zone, after which the inverted H&S pattern will be visible. But, if the price will break through the local support zone, then we can expect a further decline towards the next miror zone.
The local resistance zone ~ $193-191
The local support zone ~ $180
The resistance zone ~ $200-205
The support zone ~ $160
Market Cap 540.092B
Share your thoughts, ideas about the market under the chart.
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