Facebook tries to recoup some losses - Analysis - 08-11-2022

Facebook's stock (META) rose in the intraday levels after the Wall Street Journal reported the company is letting go of a lot of employees this week, the first such large cut in the work force in its 18-year history, with the stock rallying 6.53%, or 5.93 points in the last session, settling at 96.2, with trading volumes approaching 82 million shares, below 10-day averages of 95.7 million shares. 

Technically, the stock is trying to recoup some recent losses, while venting off oversold saturation in the RSI, amid the dominance of the main downward trend in the short term, with negative pressure from the 50-day SMA.

Therefore we expect the stock to return lower, targeting the support of 72.00, provided the resistance of 122.53 holds on.

Expected trend for today: Bearish