Facebook gives in to negative pressure - Analysis - 10-06-2022

Facebook's stock (META) skidded in the last session after changing its icon from FB to META, with Bloomberg reporting the company stopped developing a smart watch to work on other wrist devices, with the stock tumbling 6.43%, or 12.64 points, settling at 184.00, with trading volumes at 23.5 million shares, below 10-day averages of 25.4 million shares.

The stock is facing resistance from the 50-day SMA, amid the dominance of the main downward trend in the short term, doubling pressures, amid negative signals from the RSI after reaching overbought levels.

Therefore we expect more losses for the stock, targeting the pivotal support of 169.00, provided the resistance of 213.15 holds on.

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Expected trend for today: Bearish