Facebook Dying or Correction ?
Facebook chief Mr. mark Zuckerberg lost about $5 billion on Monday , but it could have been worse.
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Facebook (FB inc: NASDAQ) has lost about 7% of its value on New York Stock Exchange on money but wait it’s not over yet , news prompted by Bloomberg said “data affecting 51 million members was improperly shared with a political consulting firm” and it could affect Facebook shares for long time.Officially the bears take over the stock with almost single day lost of 12 $ in value.
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In addition SEC (SECURITY EXCHANGE COMMISION) monitoring the situation , it means any kind of mislead in investigation can cancel license to trade on various stock exchange. SEC interference was also one of the major reason for aggressive sell off.
On the other hand privacy experts said the disclosure that a researcher had sold Facebook data collected via a personality quiz to the consulting firm Cambridge Analytica is a prime example of the kinds of practices that the new General Data Protection Regulation, or , is supposed to Prevent Or punish.
As a trader I won’t go into fundamentals rather i look into technicals , although the stock may goes into heavy correction but remember we always look for buy low and sell High, this could be the upcoming opportunity. Take a look at the chart , Facebook is performing well but of course the stock needs correction to give chance to new investors. So it could be the chance to invest into Facebook. Technical shows bears are getting their money out but new supporters or investors can show up in range $150 – $160. Right now the stock is trading $172.
Further support area is close to $150. Do not Click Buy button if Stockcross Uptrend Support Line. Technical’s are drawn on chart.
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