Technical Update - Meta/Facebook
Kim Cramer Larsson
Technical Analyst, Saxo Bank
Summary: Meta Platforms/Facebook was rejected at 55 daily SMA and seems to resume down trend.
With yesterday’s bearish move under heavy volume SMA Meta/Facebook seems to resume its down trend. RSI back below 40 threshold i.e. negative sentiment. Bollinger Bands are expanding indicating trend is in its early stage. March lows at $182.82 is not unlikely to be tested. For this scenario to reverse a daily close above $218.43 is needed.
If $182.43 is taken out there is no strong support before around 149-137. If that scenario plays out it could be the 5th Exhaustive vawe. 5th wave will often reach 1.618 Fibonacci projection of vawe 4 which will be around $154 but could go as far as the same length as vawe 1 i.e. roughly around 150.
For this scenario to be reversed a close above 236.86 is needed. First indication of this scenario to play out would be if we see a daily close above 218.43.
Please note: This article has been prepared for educational purposes only and is NOT a trading or investment recommendation.
Quarterly Outlook Q2 2022
Quarterly Outlook Q2 2022: The End Game has arrived
Shocks from covid and the war in Ukraine have forced the global financial and political world to change, but what will the end game be?
Productivity and innovation have never been more importantAs the world economy hits physical limits and central banks tighten their belts, could equities be facing a 10-15% downside?
The great EUR recovery and the difficulty of trading itIf the terrible fog of war hopefully lifts soon, the conditions are promising for the euro to reprice significantly higher.
Tight commodity markets – turbocharged by war and sanctionsWith supply already tight, commodities keep powering on. But will it last for yet another quarter?
Between a rock and a hard placeGeopolitical concerns will add upward price pressures and fears of slower growth, while volatility will remain elevated.
The Great ErosionInflation is everywhere and central banks try to combat it. But will they get it under control in time?
Australian investing: Six considerations amid triple Rs: rising rates, record inflation and likely recessionWhile global financial markets are struggling in an uncertain world, the commodity-heavy Australian ASX index is poised to keep a positive momentum.
Cybersecurity – the rush to catch up with realityWith the invasion of Ukraine, governments and private companies are rushing to reinforce their cyber defenses.