Source: PaxForex Premium Analytics Portal, Technical Insight

Facebook Inc. faced a negative reaction in India after it was accused of mildly treating allegedly hateful statements by a lawmaker belonging to the ruling Bharatiya Janata party to protect its business interests in its largest market by users. The committee of lawmakers is now scrutinizing "Issues related to the technology industry and want to question the use of Facebook.

Facebook, H4

Pivot: 261.18

Analysis:

Provided that the asset is traded above 257.40, follow the recommendations below:

• Time frame: H4
• Recommendation: long position
• Entry point: 261.18
• Take Profit 1:  267.00
• Take Profit 2: 269.80

Alternative scenario: 

In case of breakdown of the level 257.40, follow the recommendations below:

• Time frame: H4
• Recommendation: short position
• Entry point: 257.40
• Take Profit 1: 252.80
• Take Profit 2: 250.00

Comment:

RSI is above its neutral area at 50. MACD is above its signal line and negative. The MACD must break above its zero level to cause further growth. Facebook trades above its 20 and 50 moving average (260.94 and 261.14 respectively).

Key levels:

Facebook, D1

Pivot: 262.24

Analysis:

While the asset is traded above 246.70, follow the recommendations below:

• Time frame: D1
• Recommendation: long position
• Entry point: 262.24
• Take Profit 1: 294.40
• Take Profit 2: 304.80

Alternative scenario:

If level 246.70 is broken-down, follow the recommendations below.

• Time frame: D1
• Recommendation: short position
• Entry point: 246.70
• Take Profit 1: 230.30
• Take Profit 2: 220.50

Comment:

RSI above 50. MACD is positive and above its signal line. The configuration is positive. Moreover, the stock is traded above 20 and 50 daily moving average (244.26 and 238.29 respectively).

Key levels:

We also advise you to pay attention to Tesla shares for intraday trading:

Pivot: 1650.71

Analysis:

While the asset is traded above 1456.00 follow the recommendations below:

• Time frame: H4
• Recommendation: long position
• Entry point: 1650.71
• Take Profit 1: 1934.00
• Take Profit 2: 2066.00

Alternative scenario:

If the level 1456.00 is broken-down, follow the recommendations below.

• Time frame: H4
• Recommendation: short position
• Entry point: 1456.00
• Take Profit 1: 1239.00
• Take Profit 2: 1111.00