Facebook Wave Analysis – 21 January, 2022

• Facebook reversed from support zone

• Likely to rise to resistance level 327.00

Facebook recently corrected up from the support zone lying between the key support level 307.00 (which has been reversing the price from last May) and the lower daily Bollinger Band.

The support zone near the support level 307.00 was strengthened by the nearby 50% Fibonacci correction of the sharp uptrend from the start of 2021.

Given the clear daily uptrend, Facebook can be expected to rise further toward the next resistance level 327.00 (former support from the middle of December).