Facebook Stock Chart Breakdown Alert
Shares of Facebook Inc (FB) are sharply lower today. The sell off by itself is not a huge issue. What is a huge issue is a Facebook stock chart breakdown below a major trend line of support. This will likely begin a major drop in the stock that takes it from the current $269.00 range to its major support at $234.00 (gap fill). Facebook is heading into troubled waters. Both republicans and democrats will likely push for a breakup of Facebook from WhatsApp and Instagram.
In addition, as COVID-19 becomes a thing of the past, users of the Facebook platforms will likely spend some of their time going out. This will drop the revenue their platforms generate or at least stall growth. In many ways, Facebook benefited greatly from the COVID-19 and the shutdowns as it kept people inside and away from each other.
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