Stock of the day: Facebook

Facebook’s stock is currently facing a critical challenge at the green horizontal resistance level of $600, a key psychological barrier that has kept prices in check throughout October. Yesterday, the stock’s attempt to breach this resistance ended with a shooting star candlestick formation—a classic bearish signal that often indicates a potential reversal.

Given this bounce, the likelihood of a move downward seems strong, particularly toward the yellow support zone around $540, which coincides with a long-term uptrend line marked by the black trend line. With the current correction sweeping through global indices, a decline appears more plausible in the short to mid-term. However, should the price manage to break above the $600 resistance, it would trigger a bullish signal, though such a scenario currently seems less probable.

Source: https://www.axiory.com/analytics/stock-of-the-day/stock-of-the-day-facebook-1