Facebook stock (NASDAQ:FB) is not an attractive market at all. Price is quite choppy and it is now caught in an equilibrium zone. Since June 2020, the equilibrium movement has started and it makes price oscillate between the upper and the lower Trendlines.
The RSI period 14 is also between the levels 40 and 50; again with no
directional movement. It is better to stay away from this market until there is
a directional movement. That will be achieved once price goes above the upper
Trendline and the RSI is going towards the overbought region; or when price
goes below the lower Trendline and the RSI is going towards the oversold
region.
This year, the possibility of FB going south is higher than its
possibility of going north. That is because price has already tested the lower
Trendline (though unable to break it to the downside); and the RSI period 14 is
kind of titled to the downside.
Azeez Mustapha
Market Analyst, Trading Signals Provider and Coach
Teach Yourself Technical Analysis: Teach Yourself
Source: http://uk.advfn.com/newspaper/authors/azeez-mustapha
Buy and sell Perfect Money/Payeer/BTC/AdvCash; get funded quickly: www.ituglobalfx.com.ng
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