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Facebook Technical Analysis, in bear market and below its long term supporting moving average

EURUSD Tech analysis by Simon Kazinsky on 15:23 Octuber 02, 2018 EST

Facebook is the first of the FAANGS to fall below its long term supporting moving average. Even the cash burning Tesla with Elon Musk at the driving seat remains above its long term supports.

After a few weeks of consolidation at the critical level the social network has decisively driven south and it is now $6 below the previous support.

The next one to fall by proximity to its support could be Netflix while others like Google, Amazon or Apple remain still quite far from their long term trend support.