📖Facebooks share price has been hit, again, after the social media company has received more flack from mainstream media outlets. In the days leading up to last week’s march on the Capitol, supporters of President Trump promoted it extensively on Facebook
and Facebook-owned Instagram and used the services to organize bus trips to Washington. Facebook
was also hit in the summer of 2020 with the Ad Boycott, where brands such as Addidas and Levis pulled their ads from the social media site after the Stop Hate for profit campaign. Despite this, in Q3 2020, Facebook
posted a great quarter, posting all-time
high revenues and net income of $21.4B and $7.8B, respectively. The company is sitting on $55b in cash. Facebook
has 1.8 billion users and growing.
📈 I made a post a couple of months ago about how Facebook
was approaching key levels, testing the bottom of a triangle pattern
and the 100 day MA. FB
has since broken out of this triangle pattern
to the downside, and has found support at September lows (a previous gap fill) which could be considered a double bottom
pattern signifying a bullish
reversal of the recent bearish
price action. FB
is now trading at -20% from its ATH
has completed a 0.618 Fib retracement from its March lows and ATH
and has also bounced of support in the bullish price channel
. The MACD
is also beginning to curl up nicely. A move to $300 would see 20% upside from current prices.
🔎This is not financial advice. Always do your own research and due diligence.