Facebook shares (NASDAQ:FB) are a bull market despite the current
short-term weakness. The current bullishness started in October 2019, as price
grinds higher and higher, albeit with low momentum.
ADX 14 is at the level 20 (low momentum), and DM- is intertwined with DM+
as one is not clearly above the other. The market is not currently interesting.
However, MACD default parameters, has both its signal lines and histogram
above the zero line. What remains is for the ADX and its DM – and DM+ to rise
above the level 30, so that a Bullish Confirmation Pattern will form. This will
signal a continuation of the bullish journey in the market, following the
current pullback.
The condition in the preceding paragraph must be fulfilled for the
bullishness in the market not to be threatened by any unexpected bearish
threats.
The outlook on Facebook is generally bright for this year and price may
target the resistance levels at 210.00, 230.00 and 250.00
Azeez Mustapha
Market Analyst, Trading Signals Provider and Coach
Trading realities: Trading realities
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