FB pushes through Thursday's high
Facebook Inc. (FB) Technical Analysis Report for Apr 22, 2019 | by Techniquant Editorial Team
FB finished Monday at 181.44 surging $3.16 (1.77%), strongly outperforming the Nasdaq 100 (0.31%). This is the biggest single-day gain in over two weeks. The last time we've seen such an unusually strong single-day gain on April 2nd, FB actually lost -0.38% on the following trading day. Today's close at 181.44 marks the highest recorded closing price since August 9, 2018. The bulls were in full control today, moving the market higher throughout the whole session. Closing above Thursday's high at 178.88, the market confirmed its breakout through the prior session high after trading up to $2.78 above it intraday.
Daily Candlestick Chart (FB as at Apr 22, 2019):
Monday's trading range has been $3.41 (1.91%), that's slightly above the last trading month's daily average range of $2.85. Things look different on the weekly timeframe, where the market's trading range of the last week has been slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for FB.
One bullish candlestick pattern matches today's price action, the White Candle.
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 Price Action based market condition "Up Close near high of period" stand out. Its common bullish interpretation has been confirmed for Facebook. Out of 397 times, FB closed higher 51.13% 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 57.68% with an average market move of 1.09%.
With four out of the other four FAANG Stocks closing higher today, the ones that stand out on the positive side are NFLX gaining 4.71% and AMZN closing 1.38% higher. None of the markets ended the day in the red. Read more