{"id":169632,"date":"2020-04-29T10:30:25","date_gmt":"2020-04-29T14:30:25","guid":{"rendered":"https:\/\/www.countingpips.com\/?p=169632"},"modified":"2020-04-29T08:08:55","modified_gmt":"2020-04-29T12:08:55","slug":"stock-of-the-week-facebooks-fortunes-trolled-by-covid-19","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/forex\/2020\/04\/stock-of-the-week-facebooks-fortunes-trolled-by-covid-19\/","title":{"rendered":"Stock of the Week: Facebook\u2019s fortunes trolled by Covid-19"},"content":{"rendered":"
April 29, 2020<\/div>
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By Han Tan, Market Analyst, ForexTime<\/a>\u00a0<\/strong><\/p>\n

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– You\u2019re probably one of Facebook\u2019s more than 1.6 billion active daily users.<\/p>\n

And during this quarantine period, you\u2019re likely finding yourself scrolling through the News Feed a lot more than usual.<\/p>\n

However, more of your time spent on Facebook\u2019s platforms, including Instagram, may not have translated into higher revenue for the social media giant, as many companies around the world are forced to slash their advertising budgets due to the economic woes caused by the pandemic.<\/p>\n

Investors will be looking for initial signs as to how the coronavirus is affecting Facebook\u2019s performance from its Q1 earnings announcement due after US markets close on April 29. However, the bigger impact is only expected in Q2.<\/p>\n

Can Facebook’s shares be restored to record high?<\/strong><\/p>\n

Despite such concerns, Facebook\u2019s stock has surged by more than 25 percent from its recent low on March 16, outperforming the S&P 500 during the period, although it still remains some 18 percent below its all-time high posted on January 29. The imminent announcement should help shareholders determine whether the recent climb was validated, and whether further gains are warranted in the near future.<\/p>\n

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With\u00a0regards to the technical perspective, Facebook shares have found resistance around the 193.00 level on the daily charts with prices trading marginally above 183.00 as of writing. Sustained weakness below this resistance level may encourage a decline towards 177.50. The downside momentum could be fuelled by a disappointing set of earnings later this afternoon.<\/p>\n

Alternatively, a breakout above 188.00 could signal a strong move back towards 193.00. If bulls can secure a solid daily close above 193.00, Facebook shares could venture to levels not seen since late February around 200.00.<\/p>\n

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Disclaimer: <\/strong>The content in this article comprises personal opinions and should not be construed as containing personal and\/or other investment advice and\/or an offer of and\/or solicitation for any transactions in financial instruments and\/or a guarantee and\/or prediction of future performance. ForexTime (FXTM), its affiliates, agents, directors, officers or employees do not guarantee the accuracy, validity, timeliness or completeness, of any information or data made available and assume no liability as to any loss arising from any investment based on the same.<\/em><\/p>\n<\/div>\n

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\"Forex-Time-Logo\"Article by ForexTime<\/a><\/span><\/strong><\/p>\n

ForexTime Ltd (FXTM)<\/strong> is an award winning international online forex broker regulated by CySEC 185\/12 www.forextime.com<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

By Han Tan, Market Analyst, ForexTime\u00a0 – You\u2019re probably one of Facebook\u2019s more than 1.6 billion active daily users. And during this quarantine period, you\u2019re likely finding yourself scrolling through the News Feed a lot more than usual. However, more of your time spent on Facebook\u2019s platforms, including Instagram, may not have translated into higher […]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-169632","post","type-post","status-publish","format-standard","hentry","no-post-thumbnail"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/169632","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/comments?post=169632"}],"version-history":[{"count":2,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/169632\/revisions"}],"predecessor-version":[{"id":169639,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/169632\/revisions\/169639"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/media?parent=169632"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/categories?post=169632"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/tags?post=169632"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}