FB runs into sellers again around 214.93
Facebook Inc. (FB) Technical Analysis Report for Feb 14, 2020 | by Techniquant Editorial Team
Moving higher for the 3rd day in a row, FB ended the week 0.87% higher at 214.18 after gaining $1.04 (0.49%) today, slightly outperforming the Nasdaq 100 (0.29%) ahead of tomorrow's Presidents' Day market holiday. Trading up to $1.35 lower after the open, the stock managed to reverse during the session as bulls took control ending the day above its opening price. Closing within the previous day's range, prices failed to decisively move beyond the prior day's trading range in a lackluster session.
Daily Candlestick Chart (FB as at Feb 14, 2020):
Friday's trading range has been $2.28 (1.07%), that's below the last trading month's daily average range of $3.94. 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.
One bullish candlestick pattern matches today's price action, the Bullish Spinning Top. The last time a Bullish Spinning Top showed up on February 3rd, FB gained 2.76% on the following trading day.
The share managed to close above the 20-day moving average at 213.78 for the first time since January 29th. After having been unable to move above 214.33 in the previous session, the market ran into sellers again around the same price level today, failing to move higher than 214.93.
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 278 times, FB closed higher 56.12% 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 65.47% with an average market move of 2.00%.
With two of the other FAANG Stocks closing higher and two closing lower today, the winners of the day are GOOGL surging 0.35% and AAPL gaining 0.02%. On the flipside the worst performers have been AMZN closing -0.7% lower and NFLX losing -0.26%. Read more