$300.00 could become a reality: Facebook stock analysis
Facebook stock analysis suggests that the social media giants share price could rally towards the $300.00 level. Bullish reversal patterns are currently at work, and support the idea of further medium-term gains.
Facebook stock technical analysis shows that a bullish reversal pattern is now at work, and holds an upside target of around $300.00
Facebook medium-term price trend
US tech stocks have recently been surging higher, with many of the leaders inside the Nasdaq posting double-digit gains for the year already.
Facebook stock analysis shows that the social media giant’s share price has recently surged to a new all-time high above the $220.00 level.
The daily time frame shows that a large bullish reversal pattern has recently been triggered, and could lead to Facebook’s share price rallying towards the $300.00 level.
Looking more closely at the daily time frame, two bullish reversal patterns are in play. The smaller of the patterns indicates an upcoming rally towards the $250.00 level.
Watch out for a potential two-phase rally in this stock over the medium term, with its share price hitting $250.00 and then launching to its final target around the $300.00 level.
Facebook short-term price trend
Facebook stock analysis over the short term shows that buyers are in control while price trades above the $195.00 support level.
The short-term technicals surrounding the stock indicate a high probability of an upcoming rally towards the $250.00 level before a meaningful correction occurs.
With this in mind, short-term traders that are bearish towards Facebook may have to wait until this target is reached before trying to sell the stock.
Bearish MACD divergence is currently present on the lower time frames, and extends down towards the $205.00 level. A pullback towards the $205.00 level may also present an excellent dip-buying opportunity.
Overall, traders should expect the rally to continue while price trades above the $218.00 level, because of the strong uptrend and bullish price pattern.
Facebook technical summary
Facebook stock technical analysis highlights that bullish reversal patterns are at work across various time frames. These patterns project that the rally could extend towards the $250.00 level and finally the $300.00 level.