FACEBOOK STOCK RISES ABOVE MA5 ON RATING UPGRADES
Facebook’s stock is currently trading at 178.43-higher by 2.06% as compared to the previous closing price. In the pre-market trading session, the stock was trading higher by 1.64%. The stock has continued gaining after the opening bell.
Moffett Nathanson upgraded the social media giant’s stock on Tuesday. The bank upgraded the stock’s rating to buy from neutral. Moffett Nathanson, however, maintained its $210 price target on stocks of Facebook.
Moffett Nathanson said the stock’s valuation is attractive given the health of Facebook’s core business and potential for growth. Moffett Nathanson also said that regulatory scrutiny is already priced into the social media giant’s share, but future growth opportunities are not yet captured in Facebook’s stock price.
Last week, the tech giant’s stocks plunged after reports disclosed that the Federal Trade Commission is investigating its practices on the digital competition. Stocks of Facebook have rallied 33% so far this year.
On the technical front, the RSI is currently at 49.33% and suggests that the market can move in the upward direction. The current price is above the MA5. The current price is below the middle line of the Bollinger Bands and is heading downwards.
TRADE SUGGESTION- LIMIT BUY AT 178.30 TAKE PROFIT AT 179.10 STOP LOSS AT 178.00