The Facebook share price plummeted on Monday after the tech companys’ social media portal, WhatsApp and Instagram apps faced a global outage.
Users around the world were unable to access the company’s platforms, and the news quickly spread. As of writing, it was impossible to access the social media site, and users could not send WhatsApp messages or make WhatsApp calls.
The company was forced to use Twitter to announce the outage, saying it was “working to get things back to normal..” Investors were not amused by the situation and sold the stock hard, driving the Facebook share price sharply lower.
The decline broke the support at 329.32 (cluster of lows of June 2021) and is now driving towards the 315.83 price mark. A break of this level targets 304.69, with 296.52 coming into the picture if the psychological support at 300.00 gives way.
On the other hand, a recovery move could be initiated if the Facebook share price tops 359.07. This scenario requires a solid defence of 315.83 and a bounce that uncaps 329.32, 339.29, and the descending trendline resistance.
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