FB finds buyers again around 200.21
Facebook Inc. (FB) Technical Analysis Report for Jul 11, 2019 | by Techniquant Editorial Team
FB finished Thursday at 201.23 losing $1.50 (-0.74%), underperforming the Nasdaq 100 (-0.08%). Closing within the previous day's range, prices failed to decisively move beyond the prior day's trading range.
Daily Candlestick Chart (FB as at Jul 11, 2019):
Thursday's trading range has been $3.58 (1.76%), that's slightly below the last trading month's daily average range of $3.95. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for FB.
Two candlestick patterns are matching today's price action, the Black Candle and the Dark Cloud Cover which are both known as bearish patterns.
After having been unable to move lower than 199.67 in the previous session, the stock found buyers again around the same price level today at 200.21. The last time this happened on Monday, FB gained 1.76% on the following trading day.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Among the three market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Low close to prior low" stand out. Its common bullish interpretation has been confirmed for Facebook. Out of 357 times, FB closed higher 56.58% 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 61.06% with an average market move of 1.36%.
With three out of the other four FAANG Stocks closing lower today, the ones that stand out on the negative side are AMZN losing -0.81% and AAPL closing -0.73% lower. On the flipside the best performer has been GOOGL closing 0.28% higher. Read more