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- 9/22/2023 -
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Facebook (FB) Technical Analysis
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|It was the negative week for the Facebook (FB). During the week, the FB gave back -1.23 points, or -0.41%, and closed at 299.08 on Friday, September 22, 2023. Weekly volume was -39% below average. |
FB is a member of Communication Services Sector. Communication Services is the most overbought sector. Sector/industry rotation is considered a proven strategy to beat the market. Use the following links to find overbought/oversold technical indicators by Sector or by Industry.
Long-term trend: [See FB long-term trend chart]
A long-term uptrend had started on November 4, 2022 at 88.09 and reached 326.20 on July 28, 2023. FB gained -238.11 points, or -270.30%, in 38 weeks. The chart has formed a Rising Channel chart pattern. The uptrend support line (315.35) is broken. A broken support is considered to be a long-term bearish signal. Use the following links to access Trend Support/Resistance Help, or use the Technical Stock Screener to see the list of stocks with broken trend support in a long-term trend.
Medium-term trend: [See FB medium-term trend chart]
A medium-term downtrend had started on July 28, 2023 at 326.20 and reached 274.39 on August 18, 2023. FB lost 51.81 points, or 15.88%, in 3 weeks. The price is now at the 47.65% retracement level.
Weekly Technical Indicators: [See FB weekly technical indicators chart]
Weekly technical indicators are neutral.
The weekly MACD line is below its signal line since August 18, 2023. This is an indication that the medium-term trend is down. Use the following link to access a MACD help.
Short-term trend: [See FB short-term trend chart]
A short-term downtrend had started on September 14, 2023 at 312.87 and reached 293.27 on September 21, 2023. FB lost 19.60 points, or 6.26%, in 7 days. The price is now at the 29.64% retracement level.
Daily Technical Indicators: [See FB daily technical indicators chart]
Daily technical indicators are neutral.
During the last week, daily MACD line has moved below its signal line. Such crossover is considered a bearish signal.
During the last week, the price has declined below the moving average in the center of the Bollinger Bands. The distance between the Bollinger Bands (7.53%) is close to one year low (8.42%). It is 64.97% lower than one year average. It indicates the period of low volatility of the stock price, and it is considered a buy signal for the option traders. The Bollinger Bands are often used with a non-oscillator indicator like chart patterns or a trendline. The signals are considered more reliable if these indicators confirm the recommendation of the Bollinger Bands. Use the following links to access the Bollinger Bands Help, or use the Technical Stock Screener to see the list of stocks with the price above the Upper Bollinger Band or below the Lower Bollinger Band.
Price is close to the 50 Day Moving Average. The moving average crossover signals work better when the stock develops a strong trend, but they are ineffective when the stock is in a trading range. Moving average crossover systems can be effective, but should be used in conjunction with trend patterns, momentum indicators, candlesticks and other aspects of technical analysis. Use the following links to access Moving Average Crossover trading technique, or use the Technical Stock Screener to see the list of stocks with the Moving Average close to the price level.