Facebook Shares Poised to Test Yearly Highs – July 22, 2014

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Facebook Shares Poised to Test Yearly Highs - July 22, 2014

Facebook Shares Poised to Test Yearly Highs - July 22, 2014

Facebook shares have been on a strong climb recently, after breaking above the 50 simple moving average and bouncing on the retest. MACD is still indicating the presence of buying momentum, which means that prices could still climb in the coming days.

RSI also hasn’t reached the overbought zone yet so Facebook shares have a chance to climb higher. This could lead to a test of the yearly highs near the $72/share mark, with price moving at $69.40/share at the moment. Price has recently broken past the near-term resistance at the $68/share level, indicating a pickup in buying pressure.

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Facebook Shares Trading

Earlier this week, Facebook has launched a new feature on its platform, allowing users to save content to read for later. This comes two years after reaching a deal with Spool, a read-it-later tech startup. This gives users a quick way to stockpile links and content they find so they don’t have to interrupt their News Feed reading flow. 

Facebook’s blog post detailing this feature goes “Every day, people find all sorts of interesting items on Facebook that they don’t have time to explore right away. Now you can save items that you find on Facebook to check out later when you have more time. You can save items like links, places, movies, TV and music. Only you can see the items you save unless you choose to share them with friends.”

As the social media company continues to innovate and improve user experience, analysts are confident that Facebook shares could see more gains in the future. Bear in mind that the company has made a couple of acquisitions earlier this year and may be due to launch more improvements on its website soon.

Price could find a bit of resistance upon testing the $72.00/share levels later on, but this might just lead to a quick pullback before more buyers jump in and push for an upside break.

To contact the reporter of the story: Jonathan Millet at john@forexminute.com

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Jonathan Millet is currently the proud CEO of ForexMinute.com, the brand new financial news portal which is making waves among Forex traders around the globe for the innumerable Forex resources it offers. He also holds the position of Binary Options Consultant at ForexMinute.com. Before ForexMinute.com was around, Jonathan was a successful Forex dealer and chief market analyst at Forexyard. He has also worked as a Forex trader. His other specialties include advising financial companies of how to stay head of the competition.