Facebook broke a new record! And then?

By Admiral Markets, investors visited Facebook in the first week since the extended Easter holiday in the stock market. The stock hit an all-time high yesterday and broke the previous high of ~ $ 304.67 on August 24, 2020. However, it wasn't just Facebook that reached its all-time high. Alphabet and Microsoft did just that. This underscores that investors are now willing to switch from circular stocks to tech stocks that have been underperforming in recent weeks. Source: Admirals MetaTrader 5, #FB, Weekly – Data Range: March 2, 2014 to April 6, 2021 at 20:30 GMT on April 6, 2021. Please note that past performance is not a reliable indicator of future performance. In the long-term weekly Facebook share price chart shown above, the overall upward trend is evident with significant declines, especially in 2018 and 2020. Even after these declines, the price hit again. A new record that underlies the power of the share price. Over the past few months, Facebook's stock price – along with other Big Tech names – has traded in a range as illustrated by the black horizontal support line and the falling resistance line in the daily price chart below. Source: Admirals MetaTrader 5, #FB, Daily – Data Range: October 16, 2019 – April 6, 2021 at 20:30 GMT on April 6, 2021. Please note that past performance is not a reliable indicator of future performance. Now this price has broken the latest trading range and now that it sets an all-time high, it could increase the interest of traders in technical momentum, who will be looking for signals to continue the trend. This could be a really interesting second quarter for Facebook! Did you know that you can use Trading Central's Technical Idea Finder indicator to find actionable trading ideas on thousands of other instruments in Forex, Stocks, Indices, Commodities and more? You can get this indicator completely FR Read more

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