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Market Insights

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Is This Level a Lucky Number for Facebook? Here’s Today’s Technical Analysis

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Technology and the Nasdaq have gone through a rough spot lately because of inflation. That may be creating an opportunity in social-media giant Facebook.

FB is one of the few major Nasdaq stocks to hit new highs recently. Now it’s pulled back and retraced nearly six weeks of gains.

The main chart feature is the “nice round number” of $300. In addition to its psychological importance, it also …

For more, please click here to view the related idea and chart analysis on TradingView.

Facebook (FB), daily chart with key patterns, courtesy of TradingView.

About the author

David Russell is VP of Market Intelligence at TradeStation Group. Drawing on two decades of experience as a financial journalist and analyst, his background includes equities, emerging markets, fixed-income and derivatives. He previously worked at Bloomberg News, CNBC and E*TRADE Financial. Russell systematically reviews countless global financial headlines and indicators in search of broad tradable trends that present opportunities repeatedly over time. Customers can expect him to keep them apprised of sector leadership, relative strength and the big stories – especially those overlooked by other commentators. He’s also a big fan of generating leverage with options to limit capital at risk.