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

By David Diaz

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. Yesterday's price range of $147.02 and $148.62 is within the prior day'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 50.6% exists for Facebook Inc-A, based on a current level of $147.54 and analysts' average consensus price target of $222.23. Facebook Inc-A shares should encounter resistance at the 200-day moving average (MA) of $167.51 and support at the 50-day MA of $139.77.

In the past 52 weeks, Facebook Inc-A share prices have been bracketed by a low of $123.02 and a high of $218.62 and closed yesterday at $147.54, 20% above that low price. The 200-day and 50-day moving averages have moved 0.08% lower and 0.11% lower over the past week, respectively.

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 am inside day candle facebook inc-a

Ticker(s): FB