Facebook has lagged other big tech and FANG stocks recently. It’s up just 4 percent in the last month, less than half the gain of the
NDX
in the same period.
One reason is that it was overbought after breaking out to new highs on May 20. It then reeled on news of an advertiser boycott last month, but quickly returned to its old range above the January highs.
FB tried to break lower yesterday, but was defended below Friday’s lows. By the time 4pm ET rolled around, the social-media giant had established a new all-time closing high.
It also printed a printed a bullish outside candle by eclipsing the previous high. That pattern could now signal FB’s recent neutral trend is ready to turn more bullish. Netflix climbed into its last earnings report. Will FB follow a similar path with results due next Wednesday, July 29?
Additionally, this chart shows FB's 50-day simple moving average (SMA) and our Distance from MA custom script. Notice how it provided support last month and is now rising from the downside. It now has the potential to squeeze FB higher, especially after yesterday’s outside candle.
NDX
in the same period. One reason is that it was overbought after breaking out to new highs on May 20. It then reeled on news of an advertiser boycott last month, but quickly returned to its old range above the January highs.
FB tried to break lower yesterday, but was defended below Friday’s lows. By the time 4pm ET rolled around, the social-media giant had established a new all-time closing high.
It also printed a printed a bullish outside candle by eclipsing the previous high. That pattern could now signal FB’s recent neutral trend is ready to turn more bullish. Netflix climbed into its last earnings report. Will FB follow a similar path with results due next Wednesday, July 29?
Additionally, this chart shows FB's 50-day simple moving average (SMA) and our Distance from MA custom script. Notice how it provided support last month and is now rising from the downside. It now has the potential to squeeze FB higher, especially after yesterday’s outside candle.
