Since gapping higher on solid earnings results on the 25th April, Facebook has drifted lower along with global equities. However, support was found around $185 on Friday and formed a Rikshaw Man doji pattern to suggest bulls are trying to carve out a swing low. Whilst deadlocked trade talks are weighing on sentiment, it’s worth noting that Facebook has outperformed the S&P500 and the consumer services index, which itself is the third strongest sector in the S&P500 year to date. So if sentiment is to improve, we fancy Facebook’s chances of rebounding from current support levels to challenge the recent high and $200 mark.
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