Facebook: main trend is up, the bulls are in control

Facebook main trend is up on the daily chart, the price is above the 14 days moving average (SMA value is 119.55).

Facebook yesterday close was at 123.34 (+1.75%). Marked a series of 3 consecutive higher highs. The main trend is up on the daily chart, the bulls are in control. The positive value of many leading oscillators indicates infact an upward trend.
FACEBOOK INC. main trend

View the interactive chart on ProRealTime.com

Simple Moving Average (SMA)
The price is above the 14 days moving average (SMA value is 119.55). The short term view is therefore bullish, however for today trading session we can’t exclude retracements towards the most significant support levels.
Volumes
Daily chart shows volume is higher than the previous day. This could be a sign of a significant move to come.


Support and Resistance levels
7, 15 and 30 trading days Performance. Support, Resistance and Pivot Point levels. Last updated closing price: 27/07/2016.

Performance: 7 trading days= +2.26% – 15 trading days= +6.47% – 30 trading days= +7.63%

Resistance levels: R1= 125.06 – R2= 126.77 – R3= 130.26
Pivot Point: 123.28
Support levels: S1= 121.57 – S2= 119.79 – S3= 116.30


Buying opportunity above 123.61, targets minor resistance at 125.14 and perhaps as far as strong resistance at 126.21, where sellers could regain control. Above that level it could trigger an acceleration to the upside with the next target at 128.94.

Selling opportunity below 122.62, targets minor support at 121.11 and perhaps as far as strong support at 120.06, where buyers could get back into the market. Below that level we could expect a bearish downward movement with the next target at 117.40.

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