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Facebook enters bear market but the chart is still in an uptrend

SPX Tech analysis by Simon Kazinsky on 13:15 July 26, 2018 EST

Facebook has dropped more than 20% in just a few hours following the release of its last quarter report. A drop below this percentage is usually considered as entering into a bear market for the asset in question.

However, even after this acute drop the chart shows that medium term technical supports have not been scratched mainly because the strong rebound following the Cambridge Analytica took its share price far from its supporting moving average.

The market overall is still in an uptrend and in this context we need to see Facebook below $160 to give credibility to the hypothesis that the decline seen in the past days is here to stay.