Facebook Share Price Outlook: Sentiment Supports New Record Levels

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Written By: Eno Eteng (MSTA)

Jul 28, 2021, 17:19 BST 17:19

Summary:

Sentiment ahead of the release of Facebook's 2nd quarter results favours a new record for the Facebook share price level.

Facebook share price’s all-time high set on Friday at 375.33 was breached today after the EU privacy watchdog EDPB set a one-month deadline to conclude the Irish data protection agency’s inquisition into Facebook and WhatsApp. The company is seeking a quick conclusion to the drawn-out process as it builds momentum ahead of its second-quarter earnings release.

Earlier today, the state of New York said it would lead other states to file an appeal after the antitrust case brought against Facebook was dismissed in June.

The Facebook share price level is presently up 1.24% as of writing.

Technical Outlook for Facebook

Facebook’s share price is now testing the resistance formed by the 200% Fibonacci extension at 375.49. If the price advances beyond this level with a 3% penetration close, 386.27 (227.2% Fibonacci extension) becomes the new resistance target.

On the flip side, rejection and pullback from the current levels target 359.07/360.36 initially, with additional targets found at 346.65 (127.2% Fibonacci extension) and 339.29 (15 June high and 25 June low), respectively.

Facebook: Daily Chart

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Written By: Eno Eteng (MSTA)

Eno is a certified financial technician and member of the UK Society of Technical Analysts. He loves to trade and write about stocks, Forex, and CFDs. Since 2009, he has consulted several financial companies as a trader and strategy developer. His work can be seen on several forex blogs and trading educational websites.