Facebook buoyed by pivotal support - Analysis - 29-04-2022

Facebook's stock (FB) surged 17.59% in the last session after the pivotal support of 186.67, after the pivotal support of 186.67 held on, while the RSI reached oversold levels, settling at 205.73, with trading volumes surpassing 100 million shares.

The stock as boosted after reporting profits of $2.72 per share in the first quarter, beating estimates of $2.56, on sales of $27.91 billion.

The stock is thus attempting to shake off negative pressure from the 50-day SMA, paving the way for more gains.

Therefore we expect the stock to rise and target the first resistance at 248.00.

Expected trend for today: Bullish