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Possible Bearish Inside Day Candle Pattern Detected for Facebook Inc-A (NASDAQ:FB)

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Facebook Inc-A (NASDAQ:FB) based on the price action in the company's shares. Today's price range of $165.77 and $168.12 is within yesterday's high and low of the day. This trading action often signifies indecision by bulls and bears to drive prices higher or lower and often implies a possible change in trend. Owners of Facebook Inc-A may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Facebook, Inc. operates a social networking website. The Company website allows people to communicate with their family, friends, and coworkers. Facebook develops technologies that facilitate the sharing of information, photographs, website links, and videos. Facebook users have the ability to share and restrict information based on their own specific criteria.

Potential upside of 34.4% exists for Facebook Inc-A, based on a current level of $166.73 and analysts' average consensus price target of $224.02. The stock should discover initial support at its 50-day moving average (MA) of $111.65 and subsequent support at its 200-day MA of $102.23.

In the past 52 weeks, shares of Facebook Inc-A have traded between a low of $108.23 and a high of $195.32 and are now at $166.73, which is 54% above that low price. Over the past week, the 200-day moving average (MA) has gone up 0.4% while the 50-day MA has advanced 0.9%.

SmarTrend is monitoring the recent change of momentum in Facebook Inc-A. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of Facebook Inc-A in search of a potential trend change.

Keywords: bearish inside day candle facebook inc-a

Ticker(s): FB