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

By Nick Russo

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 $198.01 and $198.58 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.

Potential upside of 12.1% exists for Facebook Inc-A, based on a current level of $198.20 and analysts' average consensus price target of $222.23. The stock should find initial support at its 50-day moving average (MA) of $187.17 and further support at its 200-day MA of $182.92.

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.

In the past 52 weeks, Facebook Inc-A share prices have been bracketed by a low of $123.02 and a high of $208.66 and are now at $198.20, 61% above that low price. Over the last five market days, the 200-day moving average (MA) has gone up 0.2% while the 50-day MA has advanced 0.3%.

SmarTrend is tracking the current trend status for Facebook Inc-A and will alert subscribers who have FB in their portfolio or watchlist when shares have changed trend direction.

Keywords: bearish inside day candle facebook inc-a

Ticker(s): FB