Monday, January 11, 2021

Annual forecast for Facebook (2021)

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


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