FACEBOOK UP AFTER CEO SAYS WILL NOT STEPDOWN AS CHAIRMAN
Facebook is currently trading at 135.85-higher by 2.58% as compared to the previous closing. In the Premarket trading session on Wednesday, the stock was trading higher by 1.56%. The stock has continued gaining after the opening bell.
In an interview with CNN that was aired on Tuesday night, Facebook CEO Mark Zuckerberg said that he will keep his role as chairman of Facebook’s board and not step down.
The New York Times reported last week how Facebook made attempts to deflect the controversies plaguing the company. Controversies range from the Cambridge Analytica scandal to how Russians attempted to use Facebook to influence the 2016 presidential election. After the report, people have questioned whether or not Mark Zuckerberg should step down as chairman.
During the interview, Mark Zuckerberg said that he will not step down from his current role as chairman of the company’s board. The CEO also praised Facebook COO Sheryl Sandberg when asked if she would keep her job following a series of scandals at the company.
A Wall Street Journal report last weekend said the CEO blamed Sandberg and her teams for many of the problems plaguing the company.
On the technical front, the RSI is currently at 35.1% and suggests that the market can move in the upward direction. The current price is below the middle line of the Bollinger Bands but is heading upwards. The %K has crossed the %D from below to the upside at around 13% and suggests that the market may head upwards.
Overall Bias is Positive and short-term trades can be initiated with tight Stop Loss and Profit targets.
TRADE SUGGESTION-LIMIT BUY AT 135.30 TAKE PROFIT AT 137.30 STOP LOSS AT 134.30