WILL FACEBOOK EMERGE ABOVE KEY ZONE OF 345.30 SOON?

Facebook, American online social network service that is part of the company Meta Platforms. Facebook was founded in 2004 by Mark Zuckerberg, Eduardo Saverin, Dustin Moskovitz, and Chris Hughes, all of whom were students at Harvard University. Facebook became the largest social network in the world, with nearly three billion users as of 2021, and about half that number were using Facebook every day. The companys headquarters are in Menlo Park, California.

Facebook Inc. (NASDAQ: FB) has been trading in a sliding mode since Friday, when it hit resistance near the 345.30 zone, marked by the high of October 1st. At the time of writing, the stock is testing the 335.00 territory, and even if it breaks lower, bearing in mind that, since October 28th, the price structure has been of higher highs and higher lows, we see decent chances for a notable rebound soon.

A visible dip below 335.00 may pave the way towards the low of November 3rd, at 323.40, from where investors may jump back into the action. Also They could subsequently aim for another test near the 345.30 territory, and if they manage to resist it this time around, this will confirm a forthcoming higher high. Then we could experience advances towards the 355.00 or 360.00 zones, marked by the highs of September 27th and 21st respectively, also if neither barrier is able to stop the stock from drifting further north, then it could be seen climbing towards the inside swing low of September 15th, at 367.70.

Drawing attention to the short-term oscillators, it will be observed that the RSI turned down after it reaches the resistance slightly below its 70 line and it now lies slightly above its 50 line, while the MACD, although positive, runs below its trigger line, pointing down. Each indicators detect slowing upside speed and support the notion for some further retardation before the next leg north observed.

In order to escape the bearish case, we would like to see a dip below 323.40. This will confirm a forthcoming lower low on the 4-hour chart and may initially target the low of October 12th, at 317.50. Another dip, below 317.50, could pave the way toward the low of October 28th, at 308.00, the break of which could extend the fall towards the 298.00 zone, defined as a support by the low of May 12th.

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