Facebook (NASDAQ:FB) is trading down 0.09% at 355.12
Facebook stock (NASDAQ:FB) traded 0.6% lower in Friday’s premarket as the Federal Trade Commission slapped it with a fresh suit alleging abuse of its dominant market position..
A federal judge had in June dismissed the agency’s original lawsuit, saying its allegations weren’t substantial enough to support claims of unlawful monopolization. Judge James Boasberg had given FTC another chance to file a fresh case.
The allegations, now more substantial, center around the same cause that Facebook unlawfully suppresses competition. Its purchase of messaging app Whatsapp and image-sharing app Instagram have been cited as instances of that practice. The commission seeks to unwind those deals.
Adopting strong-arm tactics, such as preventing third-party app developers from accessing Facebook’s platform, have also been presented against the company in the new 80-age lawsuit.
On technical fronts Facebook stock (NASDAQ:FB) RSI stood at 30.51 and currently stock is trading below all Moving Average. So, SELL position can be taken with following target and stoploss:
TRADE SIGNAL – : Facebook stock (NASDAQ:FB) – SELL: 354.58, TARGET: 349.79, STOP LOSS : 356.25