Facebook shares (NASDAQ:FB) are a bull market despite the current short-term weakness. The current bullishness started in October 2019, as price grinds higher and higher, albeit with low momentum.
ADX 14 is at the level 20 (low momentum), and DM- is intertwined with DM+ as one is not clearly above the other. The market is not currently interesting.
However, MACD default parameters, has both its signal lines and histogram above the zero line. What remains is for the ADX and its DM – and DM+ to rise above the level 30, so that a Bullish Confirmation Pattern will form. This will signal a continuation of the bullish journey in the market, following the current pullback.
The condition in the preceding paragraph must be fulfilled for the bullishness in the market not to be threatened by any unexpected bearish threats.
The outlook on Facebook is generally bright for this year and price may target the resistance levels at 210.00, 230.00 and 250.00
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