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

By Shiri Gupta

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 $164.26 and $164.95 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.

Over the past year, Facebook Inc-A has traded in a range of $123.02 to $218.62 and is now at $164.26, 34% above that low. The 200-day and 50-day moving averages have moved 0.26% lower and 1.01% higher over the past week, respectively.

Facebook Inc-A has overhead space with shares priced $164.26, or 26.1% below the average consensus analyst price target of $222.23. Facebook Inc-A shares should encounter resistance at the 200-day moving average (MA) of $164.88 and support at the 50-day MA of $159.91.

SmarTrend recommended that subscribers consider buying shares of Facebook Inc-A on January 8th, 2019 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $141.34. Since that recommendation, shares of Facebook Inc-A have risen 17.1%. We continue to monitor FB for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish inside day candle facebook inc-a

Ticker(s): FB