Is Facebook The Challenger To Google? Markets Think So – Buys Suggested

Facebook Inc announced its financial results for the second quarter of fiscal year 2016 after the market close on Wednesday (27/7). The social network giant posted adjusted earnings of 97 cents per share on $6.44 billion in revenue. Analysts had estimated earnings of 82 cents per share and $6.02 billion in revenue. The number of monthly active users increased 15% to 1.71 billion, compared with the Wall Street forecast of 1.69 billion. Also, the number of active monthly users(mobile) grew 20% to 1.57 billion. A positive quarterly working performance has helped the shares of the company sharply higher to an all-time high of 123.37. On the hourly chart, ADX (14) soared up to 44.9167, suggesting that the bullish trend is overwhelming. The stochastic chart indicates that the stock has entered overbought territory with both %K line and %D line jumping above level 80. The stock is anticipated to move up further.

Trade suggestion

Buy stop at 123.49, Take profit at 123.85, Stop loss at 123.34

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