Facebook Falls as It Warns Revenue Growth May Slow Significantly
29 Jul 2021
Facebook (NASDAQ:FB) is trading down 0.27% at 373.44
Facebook (NASDAQ:FB) stock was down more than 3% in Thursday’s premarket trading after the company warned of revenue growth slowing down significantly in the ongoing third and next quarter.
Social media and online platforms have had a scorching run last one year as pandemic-struck users logged on like never before, not just to share their personal lives, but also to watch content and shop while staying home due to fear of stepping out in public. That dynamic is widely expected to weaken as economies reopen and people return to work and life as usual.
“We expect year-over-year total revenue growth rates to decelerate significantly on a sequential basis as we lap periods of increasingly strong growth,” Facebook chief financial officer David Wehne said in a release announcing its second-quarter results.
On technical fronts Facebook (NASDAQ:FB) RSI stood at 68.21 and currently stock is trading above all Moving Average. So, BUY position can be taken with following target and stoploss:
TRADE SIGNAL – : Facebook (NASDAQ:FB) – BUY: 373.28, TARGET: 375.39, STOP LOSS : 371.07