FB is already gone through a 20% correction when tech like apple or Netflix or MSFT was hitting an all-time high.
Few reasons were
- the uncertainty of how much resource is allocated to the new projects on Meta's
- technically once your downtrend low volume selling will keep you down if you enter a downtrend of more than 10%
- low volume selling is not cancelled out with high volume buying due to no much news or update from the FB team
Now 300 support level hold as it supposed to be and slowly it is reversing the trend, yesterday it hit 50 EMA resistance and today's pullback is 100% logical as it could try to hit 315-317 area
Earning is only around one 1month aways, very soon bulls start to count down on earnings
Many analysts pointed that FB is at a fair value area and it is compared to other big tech is down around 15% from its an all-time high.
$400 level price target is nothing big for FB which means there is more upside to this one than downside.
Anyway, FB is a long play and if you have patience, TWTR, FB, PYPL will have a nice upside than a downside.
Future 1 or 2-year social media will still be ruled by FB as they spend a lot of money to have the edge on this space.
If you remember Intel IBM lost their edge because they ignore the urgency of innovation and new tech, only companies which
spend a lot on these new technologies could keep the first place even though some of the investment will be 100% failure.
293-300 level is a very good entry point any things below 350range is also good entry point. If this break above 344 level you will see FB at 400 in no time.
Few reasons were
- the uncertainty of how much resource is allocated to the new projects on Meta's
- technically once your downtrend low volume selling will keep you down if you enter a downtrend of more than 10%
- low volume selling is not cancelled out with high volume buying due to no much news or update from the FB team
Now 300 support level hold as it supposed to be and slowly it is reversing the trend, yesterday it hit 50 EMA resistance and today's pullback is 100% logical as it could try to hit 315-317 area
Earning is only around one 1month aways, very soon bulls start to count down on earnings
Many analysts pointed that FB is at a fair value area and it is compared to other big tech is down around 15% from its an all-time high.
$400 level price target is nothing big for FB which means there is more upside to this one than downside.
Anyway, FB is a long play and if you have patience, TWTR, FB, PYPL will have a nice upside than a downside.
Future 1 or 2-year social media will still be ruled by FB as they spend a lot of money to have the edge on this space.
If you remember Intel IBM lost their edge because they ignore the urgency of innovation and new tech, only companies which
spend a lot on these new technologies could keep the first place even though some of the investment will be 100% failure.
293-300 level is a very good entry point any things below 350range is also good entry point. If this break above 344 level you will see FB at 400 in no time.