This story was originally published here.
It was a tough day for the bulls on Friday, with the stock market getting walloped right off the open. That said, let’s look at a few top stock trades as we approach the end of June.
Top Stock Trades for Monday No. 1: Facebook (FB)
Facebook (NASDAQ:FB) is taking it on the chin as a growing number of companies begin to boycott their advertisements on the company’s platform. As if the hit to ad sales weren’t enough during the novel coronavirus, this presents a new revenue risk.
The prior high at $225 acted as a springboard for the stock, as Facebook gapped over this mark, then held it as support. At the same time, $240 was acting as resistance.
Now, though, $225 is giving way, as Facebook fills the May gap down toward $215. In the short-term, the stock faces a critical level. If it fails to hold the 50-day moving average near $217 and Friday’s low, the $200 to $205 area could be on the table.
There it finds prior support, as well as the 200-day moving average. On the upside, bulls need to see Facebook above the 50-day moving average, then reclaim $225. If $225 acts as resistance, that is not a good sign in the short term.
Editor's Note: Click here to keep reading.
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