Forex traders were able to profit nicely from Facebook in the recent days as the stock moved nicely, usually gaining or losing more than one percent per session. Wednesday was no exception, as the market moved up and closed 1.48% higher than its previous daily close. Some of the movements were provoked by Mark Zuckerberg saying that in 2012 for the first time mobile device users became more than desktop ones. He said this transition has been challenging but the company is quite satisfied with this strong foundation. The statistics for the mobile usage are very respectful – the number of users went up 57% to reach 680 million. The company’s mobile advertisement revenue doubled from the third to the last quarter, making up 23% of total ad revenue.
The company reported non-GAAP earnings per share of 17 cents. Revenue is up 40%. Zuckerberg said according to the new added workers this year that the company is focusing on its profit in the long term, not in the short.
Technically speaking, since the middle of December the stock is in bull market. The 50-period exponential moving average on the daily chart was broken to the upside on November 14. The market closed above it and continued to climb towards the resistance at 24.20. It was easily broken and turned into support quickly and attack of 29.50 was imminent. Forex traders were able to profit a lot from the steady push bulls made in December and January. Currently trading happens just above $32
and the most likely scenario is test of 33.50 in the following days. Drop below 29.20 would negate the bullish scenario and postpone it for a bit so Forex traders should be wary.
The information in this analysis is collected from different sources and should serve for informative purposes only. The author shall not be held responsible for the validity of the presented information. No part of this analysis recommends the purchase or sale of a currency pair or any other financial instrument.