FACEBOOK EARNINGS DUE ON WEDNESDAY-MARKET LOOKING BULLISH
Facebook will report its Earnings on Wednesday. The closing price of Facebook stock on Monday was $210.95 per share and is gaining strength since the last two trading sessions. The stock constitutes 5.95% and 2.12% weightage in the Nasdaq 100 and the S&P 500 respectively. The Nasdaq 100 and the S&P 500 rose 0.29% and 0.18% yesterday respectively. According to Bloomberg data, the IT sector gained 3.05% over the last one month. Facebook has recently set up a subsidiary in China with registered capital of $30 million, according to an official business registration, hinting that the U.S. firm may be ramping up its presence in the restrictive market where its social media sites remain blocked.
On the technical front, the RSI is currently at 68.54% and suggests that the market may head upwards. The %K has crossed the %D from below to the upside at 90.01% and suggests that market may continue trading sideways.
TRADE SUGGESTION-BUY AT 210.85 TAKE PROFIT AT 214.85
STOP LOSS AT 209.35