Major technical breakout underway: Facebook stock analysis
Facebook stock analysis shows that a bullish reversal pattern with significant upside potential has been activated. Dip-buying is expected while price trades above the $190.00 level.
Facebook stock analysis shows that the social media giant’s share price has surged to a new all time price high, just above the $240.00 level.
Facebook stock technical analysis shows that further medium-term gains towards the $300.00 level remain possible.
Facebook medium-term price trend
Facebook’s share price has been surging higher over recent days, with the social media platform’s stock gaining more than 80 per cent from the March 2020 trading low.
Facebook stock analysis shows that a major technical breakout has taken place after price moved past the $220.00 resistance level.
The daily time frame highlights that a bullish inverted head-and-shoulders pattern has been activated, and holds an upside potential of more than $75.00
Watch out for further gains in Facebook’s share price towards the $295.00 level if bulls can anchor price above the $220.00 level.
The $250.00 and $275.00 levels are seen as the strong areas of medium-term technical resistance.
Facebook short-term price trend
Facebook stock analysis over the short term shows that buyers are in control while the price trades above the $190.00 level.
The one-hour time frame currently shows that a bullish reversal pattern with a $20.00 upside projection may be starting to form.
If bulls can rally price back towards the $240.00 level then a bullish inverted head and shoulders pattern will form.
At this stage traders are likely to buy any dips towards the $200.00 support level. Only a move under the $190.00 level may cause traders to turn bearish.
Facebook technical summary
Facebook stock technical analysis highlights that the share price has moved to a new all-time high. Further gains towards the $295.00 level remain possible.