FB closes higher for the 2nd day in a row
Facebook Inc. (FB) Technical Analysis Report for Jun 30, 2020 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, FB finished the month 0.88% higher at 227.07 after gaining $6.43 (2.91%) today, outperforming the Nasdaq 100 (1.96%). The bulls were in full control today, moving the market higher throughout the whole session. Closing above Monday's high at 220.75, Facebook confirmed its breakout through the previous session high after trading up to $6.69 above it intraday.
Daily Candlestick Chart (FB as at Jun 30, 2020):
Tuesday's trading range has been $8.97 (4.07%), that's slightly above the last trading month's daily average range of $7.36. Weekly volatility is also higher, being way above the market's average weekly trading range. The longer-term, monthly volatility is currently higher than usual for FB.
One bullish candlestick pattern matches today's price action, the White Candle.
Prices are trading close to the key technical resistance level at 231.73 (R1).
Although the share is currently in a short-term downtrend, this could just be a correction, as both the medium and long-term trends are still bullish.
Among the six 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 477 times, FB closed higher 51.99% 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 58.07% with an average market move of 0.96%.
With four out of the other four FAANG Stocks closing higher today, the ones that stand out on the positive side are AMZN gaining 2.93% and NFLX closing 1.74% higher. None of the markets ended the day in the red. Read more