Facebook Share: Continues Its Upward Trend: A Technical Analysis!

Facebook Inc. (NASDAQ: FB) traded higher on Friday and continues its upward move along the trendline.

The stock broke out of a pattern and has since moved up. The tech giant could stay bullish if it continues to hold above the trendline. Facebook was up 2.12% at $ 372.12 at the time of publication.

Facebook daily chart analysis

• The stock has broken out of an ascending triangle pattern and pushed up above the higher lower trendline.
• The $ 300 price level has served as resistance in the past but became support after the stock broke above that level, retested and held the area as support. The stock could continue to find support along the upper lower trendline as well.
• The stock is trading above both the 50-day moving average (green) and the 200-day moving average (blue), suggesting the stock is likely to be entering a period of bullish tendencies.
• Any of these moving averages could serve as a potential area of ​​support in the future.
• The Relative Strength Index (RSI) has moved sideways above the middle line and stands at 62. This means that the buying pressure on the stock has consistently been greater than the selling pressure.

Should Investors Sell Right Now? Or is it worth joining Facebook?

What’s next with Facebook?

Bullish traders expect the stock to continue trading above the upper lower trendline and maintain its uptrend. The bulls have been in control of the stock and could continue to do so if the stock stays above this trendline.

Bear traders would like the stock to break below and hold below the higher lower trendline. A break below this trendline could signal the start of a downtrend.