Facebook tries to vent off oversold saturation - Analysis - 10-11-2022

Facebook's stock (META) rose in the intraday levels after the CEO announced plans to let go of 13% of the work force, or nearly 11 thousand employees in order to become a smaller and more agile company, with the stock rallying 5.18%, or 5 points in the last session, settling at 101.47, with trading volumes surpassing 107.6 million shares, above 10-day averages of 99 million shares.

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

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