Facebook shares test their all-time high for strength

  • Jun 23 2021
  • by
  • Analyst AZA
Facebook shares test their all-time high for strength

Facebook shares test their all-time high for strength

Facebook's share price was able to break its all-time high of 339.60 but was stalled. Just 7 minutes before the close of trading on the exchange, the price created a new all-time high of 339.80, just 20 pips higher than the previous one. After that, the price bounced down slightly as it did not receive the necessary support. This is because, at the close of trading, many intraday traders prefer to close their open positions. But the uptrend for these stocks is still there, and there are no signs of a reversal. The price is above 200 on average. The MACD indicator is also above the zero levels, although it shows little divergence. On the daily chart, you can see the technical analysis pattern called the flag. This is a trend continuation pattern, so opening a long position is more logical. We set the take profit arbitrarily after 100 pips at the level of 341.00. Once the price growth dynamics are clear, it will be possible to move the Take Profit higher.

Symbol: FACEBOOK
Order Type: Pending Order - Buy Stop
Entry Price at 340.00
Take Profit at 341.00
Pips Earning: 100

The result of a trade recommendation. The price reached the Take Profit level a few minutes after the opening of the trading session on the stock exchange.

The result of a trade recommendation

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The profit can be $100.00 if the trading volume of 100 Shares.

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