FACEBOOK DOWN ON IRISH PROBE INTO DATA BREACH
Facebook is currently trading at 160.65-lower by 1.10% as compared to the previous closing. In the Pre-market trading session on Thursday, the stock was trading lower by about 0.59%. The stock has plunged further after the opening bell.
In recent news, The Irish Data Protection Commissioner has opened a formal investigation into the data breach at Facebook on Wednesday. The breach affected nearly 50M accounts.
The DPC stated on Wednesday that the investigation will examine Facebook’s compliance with its obligation under the General Data Protection Regulation to implement appropriate technical and organizational measures to ensure the security and safeguarding of the personal data it processes.
Facebook disclosed last week that it found a bug in a part of its service that allowed hackers to access information of about 50M people. According to the Irish DPC, less than 10% of those accounts were in the European Union.
The maximum fine Facebook could face will be around $1.63 billion. The company could face fine if the investigating agency finds that it had not done enough to prevent a data breach or went against any of the principles governing the processing of information laid out in GDPR legislation.
On the technical front, the RSI is currently at 40.09% and suggests that the market can move in the downward direction. The current price is below the MA5. The current price is below the middle line of the Bollinger bands and is heading downwards.
Overall Bias is Negative and short-term trades can be initiated with tight Stop Loss and Profit targets.
TRADE SUGGESTION-LIMIT SELL AT 161.20 TAKE PROFIT AT 159.20 STOP LOSS AT 162.20