Shares of Facebook are taking a beating today, the stock is trading below $270, down almost 5% on the day. The markets are in freefall as Covid-19 cases spike in Europe and the United States. The potential for a new round of shutdowns looms, while economic stimulus is dead in the water until at least after the elections. In addition, Facebook Inc (FB) has huge regulatory hurdles to get through over the next year. Regulating the behemoths like Facebook, Apple (AAPL), Alphabet (GOOGL), Amazon.com (AMZN) are now a bipartisan issue and politicians are pissed. This alone is enough pressure to hammer these stocks sharply lower.
Facebook stock chart analysis confirms this view as well. The stock has a head and shoulder pattern on the chart that could break any day. In addition, the technical metrics signal downside to the $235.00 level at a minimum, with a second target of $223.00. Just to get to first target, Facebook would drop 13%. If the Facebook stock chart analysis turns out to be fully realized, the social media giant would fall a total of 17.5%. This could be hit within the next 3-6 months.
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Facebook stock chart analysis….