How Do I Update My Facebook

By BRUCE KAMICH

Jun 30, 2021 | 02:05 PM EDT

Stocks quotes in this article: FB

The last time we reviewed the charts of Facebook ( FB) was back on April 29 where we wrote that "What should we do now? FB might pull back a bit in the next day or two. I do not expect a reversal to the downside, but we may see some temporary weakness under $320. At the moment I would view this potential weakness as a buying opportunity risking to $305. The $366 area is our price target."

FB has rallied and is now approaching our $366 price target so let's examine the charts again.

In this daily bar chart of FB, below, we can see that prices have traded higher and are above the rising 50-day moving average line as well as the rising 200-day line. Trading volume has not expanded with the advance but the On-Balance-Volume (OBV) is pointed up to confirm the price gains. The Moving Average Convergence Divergence (MACD) oscillator is above the zero line and just turned up for a new buy signal.

In this weekly Japanese candlestick chart of FB, below, we see a positive-looking picture. Prices are in an uptrend above the rising 40-week moving average line. The weekly OBV line is pointed up and the MACD oscillator is in a bullish alignment above the zero line.

In this daily Point and Figure chart of FB, below, we can see a $366 price target.

In this weekly close only Point and Figure chart of FB, below, we can see a price target in the $421 area.

Bottom line strategy: Continue to hold longs with stop protection at $325. $366 and now $421 are the price targets.

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