Facebook (NASDAQ:FB) is trading up 0.50% at 357.48

Facebook Inc has told Australian publishers it has stopped negotiating licensing deals, an email to the industry seen by Reuters showed, a move which came just six months after the passing of a law designed to make tech giants pay for news content.

While Facebook (NASDAQ:FB) has announced deals with most of the country’s largest news outlets, some companies including TV broadcaster SBS and smaller publishers have been left out in the cold, raising questions about the scope and effectiveness of the ground-breaking law.

Australia is the only country with a law where the government may set the fees if negotiations between tech giants and news providers fail, but the rejected companies are left with little recourse for the time being and are waiting for the government to review the law in 2022 as planned.

Facebook’s regional head of news partnerships, Andrew Hunter, said in an August email to publishers it had “now concluded” deals where it would pay Australian companies for content on its just-launched “Facebook News” channel.

Nick Shelton, founder of Broadsheet Media, a website which publishes entertainment news, reviews and listings and was rebuffed by Facebook, said the decision to close off on new deals was “clearly an attempt from Facebook to cap their exposure to independent publishers.”

On technical fronts Facebook (NASDAQ:FB) RSI stood at 38.61 and currently stock is trading below all Moving Average. So, SELL position can be taken with following target and stoploss:

TRADE SIGNAL – : Facebook (NASDAQ:FB) – SELL : 357.48, TARGET: 350.92, STOP LOSS : 364.90