Technical analysis

Facebook Wave Analysis – 22 July, 2021

• Facebook reversed from support zone
• Likely to rise to resistance level 356.00

Facebook recently reversed up from the support zone lying between the support level 334.00, lower daily Bollinger Band and the support trendline of the daily up channel from May.

The upward reversal from this support zone created the daily candlesticks reversal pattern Morning Star which stopped the previous correction 4 and started the active impulse wave 5.

Facebook can be expected to rise toward the next resistance level 356.00 (which stopped the three previous waves – (ii), 3 and (b)).

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