FB pushes through Thursday's high
Facebook Inc. (FB) Technical Analysis Report for Apr 12, 2019 | by Techniquant Editorial Team
FB ended the week 1.92% higher at 179.10 after gaining $1.59 (0.9%) today, slightly outperforming the Nasdaq 100 (0.44%). Today's close at 179.10 marks the highest recorded closing price since August 15, 2018. Closing above Thursday's high at 178.40, the stock confirmed its breakout through the prior session high after trading up to $1.23 above it intraday.
Daily Candlestick Chart (FB as at Apr 12, 2019):
Friday's trading range has been $1.68 (0.94%), that's far below the last trading month's daily average range of $3.13. Weekly volatility is also lower, being below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for FB.
Three candlestick patterns are matching today's price action, the Bullish Short Candle and the White Candle which are both known as bullish patterns and one bearish pattern, the Bearish Hikkake Pattern. The last time a Bullish Short Candle showed up on April 1st, FB gained 3.26% on the following trading day.
After trading down to 177.95 earlier during the day, the share bounced off the key technical support level at 178.00 (S1). The failure to close below the support could increase that levels importance as support going forward.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Among the seven market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Bounced off Technical Support S1" stand out. Its common bullish interpretation has been confirmed for Facebook. Out of 239 times, FB closed higher 55.23% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the long side has been after 10 trading days, showing a win rate of 64.02% with an average market move of 1.85%.
With three out of the other four FAANG Stocks closing lower today, the ones that stand out on the negative side are NFLX losing -4.49% and AMZN closing -0.05% lower. On the flipside the best performer has been GOOGL closing 1.09% higher. Read more