April 10, 2018 / 4:56 PM / 7 months ago

Facebook attempts to turn its cheek on the charts

Reuters - ** In wake of plunge that saw Facebook FB.O press against significant support, shares attempting to show their good side again on the charts

FILE PHOTO: Facebook CEO Mark Zuckerberg, appears on stage during a town hall at Facebook's headquarters in Menlo Park, California, U.S., September 27, 2015. REUTERS/Stephen Lam/File Photo

** That said, FB still has work to do to suggest recovery more than just a counter-trend bounce

** Indeed, in wake of data issue, news of FTC probe , FB lost nearly a qtr of its value from early Feb peak into late Mar low

** Despite weakness, FB did not see weekly closing violation of more than 4-year support line (log-scale, now ~$153.75). Chart: reut.rs/2GNELvx

** And Mar 26 low ($149.02) just above 100-WMA (now $148.02); 100-WMA contained Aug 2015 swoon

** Ahead of CEO Mark Zuckerberg’s appearance in front of lawmakers at 2:15 PM ET , shares up 1.4 pct, bringing recovery off recent trough to >7 pct

** However, as FB tries to recover, Feb 9 low ($167.18) may prove to be stiff hurdle. Additionally, 200-DMA (now $173.08), ahead of resistance line from high (now ~$180)

** Weekly close below support line/100-WMA can suggest risk for much more substantial decline; 200-WMA (now $118.39) may be magnet, as essentially coincides with support line from 2012

** Meanwhile, recent FB decline contributed to FANG decay , humbling of Tech Titans . This as tech sector tripped, market instability intensified

** Price-weighted FANG composite still off ~12 pct from its Mar peak, but yet to break its 3+ year support line

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