Technical analysis

Facebook Wave Analysis 13 May, 2021

• Facebook reversed from support area

• Likely to rise to resistance level 320.00

Facebook recently reversed up from the support area lying between the powerful support level 297.00 (previous monthly low from April) and the lower daily Bollinger Band.

The upward reversal from the support level 297.00 started the active short-term impulse wave 5 – which belongs to wave (C) from September.

Given the prevailing uptrend – Facebook is likely to rise further toward the next resistance level 320.00 (top of the previous correction (b)).

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