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Facebook below key multi year support

SPX Tech analysis by Simon Kazinsky on 12:07 March 20, 2018 EST

Facebook shares fall another 4% on Tuesday trading. That's now down more than 10% in last two days.

The scandal surrounding data leaks and the increasing popular perception that the social network could not get any creepier have finally acted as a catalyst for the well overdue drop.

The stock started to give signs of weakness a couple of months ago when the tech company reported US user growth had stalled for first time ever. Back then shares rebounded at support and just three months later its long term moving average support is being tested again.