- 5/26/2023 -
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|It was a third consecutive positive week for the Facebook (FB). During the week, the FB gained 16.40 points, or 6.68%, and closed at 262.04 on Friday, May 26, 2023. Weekly volume was -32% below average. |
FB is a member of Communication Services Sector. Communication Services is the most overbought sector. Sector/industry rotation is considered a proven strategy to beat the market. Use the following links to find overbought/oversold technical indicators by Sector or by Industry.
Long-term trend: [See FB long-term trend chart]
A long-term downtrend had started on September 1, 2021 at 384.33 and reached 88.09 on November 4, 2022. FB lost 296.24 points, or 77.08%, in 61 weeks. The chart has formed a Falling Wedge chart pattern. A Falling Wedge is a triangle formation with a noticeable slant to the downside. It represents the loss of a downside momentum on each successive low and has a bullish bias. The Falling wedge usually marks a reversal in a downtrend. In an uptrend a falling wedge is considered to be a continuation pattern. Use the following link to access a Falling Wedge chart pattern help, or use a Technical Stock Screener to see the list of stocks with Falling Wedge pattern in a long-term trend.
Medium-term trend: [See FB medium-term trend chart]
A medium-term uptrend had started on November 4, 2022 at 88.09 and reached 262.31 on May 26, 2023. FB gained -174.22 points, or -197.78%, in 29 weeks. Price is near the trend high.
Weekly Technical Indicators: [See FB weekly technical indicators chart]
Weekly Relative Strength Index and Lane's Stochastic are overbought while Williams' Percentage Range is strongly overbought. Use the Technical Stock Screener to see the list of stocks with overbought weekly Relative Strength Index and Lane's Stochastic or strongly overbought weekly Williams' Percentage Range. Weekly Lane's Stochastic and MACD have bearish divergence. Use the following links to access the Lane's Stochastic and MACD help, or use the Technical Stock Screener to see the list of stocks with weekly Lane's Stochastic and MACD bearish divergence. The divergence between price and indicator is considering one of the most important buy/sell stocks trading signal. Oscillators are designed to signal a possible trend reversal. They can act as alerts and should be taken in conjunction with other technical analysis tools. Oscillators can be used to confirm other technical signals. Use the following links to access Lane's Stochastic, Relative Strength Index and Williams' Percentage Range help.
The weekly MACD line is above its signal line since November 25, 2022. This is an indication that the medium-term trend is up. Use the following link to access a MACD help.
Short-term trend: [See FB short-term trend chart]
A short-term uptrend had started on May 12, 2023 at 231.45 and reached 262.31 on May 26, 2023. FB gained -30.86 points, or -13.33%, in 14 days. Price is near the trend high.
Daily Technical Indicators: [See FB daily technical indicators chart]
Daily Relative Strength Index and Lane's Stochastic are overbought. Use the Technical Stock Screener to see the list of stocks with overbought daily Relative Strength Index and Lane's Stochastic.
The daily MACD line is above its signal line since May 17, 2023. This is an indication that the short-term trend is up. The distance between MACD and the signal line is low, but getting bigger. It indicates that the current short-term uptrend is getting stronger.
The price has closed on Friday above the upper Bollinger Band. It is considered a bullish signal. The Bollinger Bands are often used with a non-oscillator indicator like chart patterns or a trendline. The signals are considered more reliable if these indicators confirm the recommendation of the Bollinger Bands. Use the following links to access the Bollinger Bands Help, or use the Technical Stock Screener to see the list of stocks with the price above the Upper Bollinger Band or below the Lower Bollinger Band.