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Traders officially love to buy FB around 163.39 level


Technical Analysis Report for FB - Apr 16, 2018 [1 min read]
Highlights
Traders officially love to buy FB around 163.39 level
FB closes higher for the 2nd day in a row
FB stuck within tight trading range
FB closes within previous day's range after lackluster session
TQ Sentiment
Technical Forecast:
Overview

Moving higher for the 2nd day in a row, FB ended Monday at 164.83 gaining $0.31 (0.19%) on low volume. Closing within the prior day's range, prices failed to decisively move beyond the previous day's trading range in a lackluster session.

Daily chart for FB
Volatility

Monday's trading range was $2.39 (1.44%), that's far below last trading month's daily average range of $6.50. Things look different on a weekly scale, where volatility is below the markets average with the monthly volatility being below average. Prices continued to consolidate within a tight trading range between 163.10 and 167.45 which it has been in now for the last three days.

Price Action

In a volatile session, prices traded above the prior day's high as well as below the previous day's low, forming a bearish Outside Bar.

Support/Resistance

Prices are trading close to a key support level at 162.85. Facebook was bought again around 163.39 after having seen lows at 163.77, 163.10 and 163.25 in the last three trading sessions. Obviously there is something going on at that level.

Trend

While the share is experiencing a short-term up trend, this could just be a correction, as both the medium and long term trends are still in negative territory.

Order Flow

Buying might accelerate should prices move above the nearby swing high at 168.65 where further buy stops could get triggered. Selling might speed up should prices move below the close-by swing low at 163.10 where further sell stops could get activated.

Conclusion

While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being bullish.

Report Market Conditions
ConditionForecastDirectionWinAvgWorstBest
Close to S1 Support TQ Pro Members Only
2 Consecutive Higher Closes TQ Pro Members Only
Bearish Outside Bar TQ Pro Members Only
Close to Swing High TQ Pro Members Only
More market conditions identified for TQ Pro members...
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FB closes within prior day's range

Apr 25, 2018
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