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Facebook Inc (FB) “On a long-term technical basis, the stock (FB) is trading above its 200-day moving average which generally implies it is in a positive trend. However, the stock has recently broken down through an important fibonacci fan trendline at 258.23 suggesting the next support level is at 245.19. This weakness suggests the long-term uptrend is turning neutral.
The stock has support at 245.19 and 232.03. If the stock breaks down through support at 245.19 then it will probably continue lower to 232.03. The stock will meet resistance at 250.15 and 278.89. If the stock breaks up through resistance at 250.15 then it will probably continue higher to 278.89. The 200-day moving average is at 218.77. This will also act as support. The stock is extremely oversold according to the Stochastic Indicator (11.78).”
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